CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Risk News arrow Financial fraud costing UK £2 million a day
Contact Us Newsletter Signup RSS Feeds

Financial fraud costing UK £2 million a day PDF Print E-mail
Friday, 17 March 2017
Lisa Baergen, director at fraud mitigation company, NuData Security, said:   “These enormous fraud losses are astounding, and their magnitude can’t help but have a dampening effect on the UK economy. It’s also bad news for consumers, who often bear the brunt of the costs of fraud, especially in account takeover and new account fraud cases. It’s no wonder that consumers are pushing back on institutions and companies to improve security, holding them accountable, yet still wanting to have a good experience going through the gates. 

Financial fraud offers a lucrative source of income for cybercriminals, with 3.6 million fraud incidents last year. With such a tempting promise of high reward and low prosecution rates, emboldened cybercriminals have grown in their sophistication, exploiting the human-interest factor by posing as banks or suppliers and then duping consumers into revealing their personal details. These scams have also proved effective in targeting commercial organisations, as senior executives have been tricked into revealing sensitive information enabling the hackers access to a company network.

The increasing volume of attacks globally has also been attributed to more fraudsters willing to commit the crime, more data available on the black market, and more financial institutions and merchants vulnerable to attacks. Plus, as more countries fully adopt EMV, fraudsters have switched their focus to online environments, and as a result, fraud continues its migratory path to all available online channels.

To detect out-of-character and potentially fraudulent transactions, before they can create a financial nightmare for consumers, we must adopt new authentication methods that can’t be deceived. Solutions that draw from consumer behaviour and interactional signals are leading the way to provide more safety for consumers without friction, and less fraud in the marketplace.

To combat these types of attacks, consumers should always report dubious emails to their banking providers. No legitimate organisation will ask for security or banking details, so consumers need to be suspicious of any emails that request this information.

Meanwhile, there are steps that consumers can take to help secure themselves:

Shop with well-known companies online, or use safer payment systems such as PayPal, Apple Pay, or Android Pay, to avoid providing your payment details directly to an unknown merchant.

Use a strong, unique password at every site and make sure to change your passwords regularly.

Don't use public computers or free, unencrypted Wi-Fi to conduct financial or retail transactions or interactions.

 Don't fall victim to email and phone scams, where a consumer receives a call from "their bank" asking for personal, or financial account information. If it looks too good to be true, it most likely is. When in doubt, call the bank directly, using the number printed on the back of your card, or in a recent statement.

If you suspect you have been a victim of fraud in the UK, report the crime to http://www.actionfraud.police.uk/ “
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

Risk Sponsor

This Risk News section is currently available for sponsorship.

Please click here to contact us about our site sponsorship opportunities.

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197