CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Financial Fraud Action stats highlight risk of business complacency - comment
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Financial Fraud Action stats highlight risk of business complacency - comment PDF Print E-mail
Thursday, 30 March 2017
The latest Financial Fraud Action (FFA) UK report, published today, reveals financial fraud cases in 2016 totaled 1,857,506, amounting to a loss of £768.8 million. John Marsden, Head of ID and Fraud at Equifax, comments:   “Impersonation and deception scams, as well as online attacks to compromise data, dominated the fraud landscape during 2016.

“The UK is ahead of many other countries in improving fraud defences, but is also subject to a higher number of attacks and cannot afford to be complacent. As the tactics of fraudsters continue to evolve at an alarming rate, businesses need to focus on how they can keep up. The financial services industry in particular needs to continue working together to educate consumers and share information to help collectively tackle this activity, while also constantly improving their systems to both safeguard consumer personal data and implement appropriate steps to confirm transactions are being completed by genuine customers.

“Losses from payment card fraud totaled £618 million, up 9% from £567.5 million in 2015. These increases reflect fraudsters and scammers becoming increasingly bold in their activity, while customers continue to be victims of phishing scams, deception and hacking. Businesses too are also firmly in the sight of these sophisticated criminals, evidenced by big data breaches (such as Yahoo) between July and December last year. The criminals who steal this data sell it on to fraudsters via the dark web, creating more opportunities for unlawful activity.

“While some businesses are taking a more serious look at biometrics, there is scope for more investment in technology like this which would provide the necessary barriers to discourage fraudsters. Although getting ahead of fraudsters is not easy, businesses should do all they can to make any attempts by these criminals as difficult as possible.”
 
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

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