Cifas Fraudscape 2019: Tackling identity fraud must remain top priority

Cifas Fraudscape 2019: Tackling identity fraud must remain top priority

Keith McGill

Head of ID & Fraud at Equifax

Views 887

Cifas Fraudscape 2019: Tackling identity fraud must remain top priority

18.06.2019 11:45 am

The latest Cifas figures show worrying trends as identity fraud rose by 10% in 2018, with those aged under 21 and over 60 being increasingly targeted by fraudsters. There was also a 26% rise in cases of ‘money mule’ fraud, highlighting the agile nature of fraud and its constantly shifting battleground.

“An overall increase in identify fraud reinforces that this must remain a top priority for businesses. With over 50% of account creations now coming from a desktop or mobile, understandably organisations are prioritising smooth payment journeys to optimise customer experience, but this shouldn’t come at the expense of robust controls to protect consumers.

“The ease with which personal information can be obtained along with the anonymity of the web makes the internet a playground for fraudsters. Cyber-criminals are quick to move between channels while implementing increasingly sophisticated methods to use synthetic identities and money mules across card payments, remote banking and cheque fraud.

“Retail and telecoms companies continue to be seen as soft targets. These organisations need to strike the right balance between customer demands for fast authentication and strong security. Technological advancements and the emerging new open data landscape are making it easier than ever to have strong customer authentication without impacting the user experience, and businesses should embrace this opportunity for the benefit of all.

Latest blogs

Shuvo G. Roy Mphasis

Reboot 1.0: How financial services technology can enable the supply chain to support a post-lockdown boom

Ground control and Captain Tom When veteran Captain Tom Moore decided to walk one hundred laps of his garden before his 100th birthday to raise funds to support NHS heroes battling Covid-19 from the frontline, he never imagined that he would Read more »

Lisa Gutu Salt Edge

Building a PSD2 compliant channel: challenges and opportunities for financial institutions

PSD2 obliges ASPSPs including banks, e-wallets, prepaid cards and other companies that offer payment accounts to provide at least one channel for secure communication with third party providers (TPP). Even neobanks or e-money institutions, including Read more »

Thomas Pintelon Capilever

Credit origination - A lot of innovation on the horizon

While consumer credits are becoming more automated and user-friendly to request, all other credits are often still very manual and labor intensive to originate. In this (relatively long) blog I will try to give a description of the (potentially Read more »

Kelly Kearsley

Time Card Theft is a Big Problem. Here's How to Stop It.

Trust is at the core of every employer-employee relationship. You trust your people to do their jobs, and they trust you to compensate them for their work. Most of the time, it works. However, there's always the person looking to bend the rules or Read more »

Daria Afanasyeva UTP Merchant Services Ltd

Cybersecurity – Online payments are getting more secure

Ever since we've been able to buy anything we need with just a click of a button on our laptops or phones, online sales have been consistently increasing each year. Just last year, the total value of UK retail sales was £394 billion, with an average Read more »

Related Blogs

Zac Cohen Trulioo

The Rise of Micro Money Laundering

With greater scrutiny of traditional financial transactions and more effective systems to identify fraud and malpractice across most sectors, criminals are increasingly searching for new ways to hide and move money online. Across the world, bad Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel