FFA UK Stats Show 25% Increase in Financial Fraud - Equifax Comments

FFA UK Stats Show 25% Increase in Financial Fraud - Equifax Comments

John Marsden

Head of ID and Fraud at Equifax

Views 691

FFA UK Stats Show 25% Increase in Financial Fraud - Equifax Comments

13.10.2016 09:45 am

Cyber and ID fraud dominate the fraud landscape, and online scams and attacks continue to rise. E-commerce is growing, and is a tempting prospect for fraudsters looking to use identity and payment data such as credit and debit card information they have gained via the vast 'carders markets'. Fraudsters are sophisticated and can easily gather information which can then be used to open accounts and make purchases online fraudulently. This situation is exacerbated by an increasing frequency of data breaches by hackers who can then sell this data on to other criminals.In addition, a frightening number of consumers are also still being tricked into handing over their personal data. This usually occurs when a criminal is able to convince an individual that they are emailing or calling from a legitimate organisation and they need to verify their personal details. Using this information the criminal fraud networks can create high quality ID data to sell via the dark web.

The financial services industry has to work together, educating consumers and sharing information to help collectively tackle this criminal activity. The focus must be two-fold. It is vital that any organisation holding personal data continuously evolves the systems and processes in place to keep that information safe. Equally, any business handling financial transactions has to take every possible step to ensure the customer they are dealing with is genuine. It is clear that passwords alone are no longer enough, fraudsters are wise to our thinking when we create a password, making them all too easy to crack. This is why businesses need to invest in new technology like biometrics and device recognition creating multiple layers of defence. The criminals don’t stand still, and businesses of all sizes need to work hard to stay ahead.

Latest blogs

Thomas Pintelon Capilever

Can banks help to fundamentally redefine our notion of trust?

Trust is the glue that holds society together. Historically we trusted people in our local community. Later this evolved to a centralized trust in large corporations and institutions, but recently this has shifted towards a more distributed trust, Read more »

Alan Koenigsberg Visa Business Solutions

Rising to the Global B2B Payments Challenge

In today’s fast-changing business environment, international organisations all over the world increasingly expect global access to finance in real-time. They also expect finance to be available in a way that works for them in any currency and Read more »

Alex Chen FIME

Transit Ticketing in APAC – key takeaways from Singapore

Last month, we visited Singapore for Global Mass Transit’s (GMT) annual Transit Ticketing & Fare Collection APAC conference. Rapidly becoming the event in the APAC transit industry’s calendar, this year’s show didn’t disappoint. Read more »

Tom Parson Finance affairs

What You Need to Know About Stocks and Shares ISAs

Many of us are familiar with the tax-free benefits associated with a standard Individual Savings Account (ISA). However, a variant known as a stocks and shares ISA is becoming an increasingly popular alternative. What is the basic principle behind a Read more »

Simon Richards tekVizion

The parable of the breakfast cereal - and what banks' Ops teams can learn from it

There’s an iconic TV advert in the UK for a breakfast cereal, where even the ‘hero’ can’t eat more than two Shredded Wheat. It was even cited by David Cameron when he was Prime Minister, when he declared he wouldn’t seek a third term. Created in the Read more »

Related Blogs

Nicolas Muhadri StreamMind

The rise in bank transfer fraud: can you afford to lose out?

As digital transformation continues to proliferate, financial services players, such as banks and financial institutions, would be wise to look to key technology providers in the industry, in helping them navigate these potentially challenging new Read more »

Jayaprakash (JP) Kavala CustomerXPs

Customer Liability In The Age Of Digital Banking

Who is liable for money lost when fraud occurs in a customer’s bank account or card through illegal access/use of ATM or any of the Digital Channels (Internet Banking, Mobile Banking, Payments, E-wallets, etc.)? Read more »

John Aranowicz CustomerXPs

New Department: Financial Crimes Department

If you have ever shopped on Amazon.com or ordered a movie on Netflix, you most likely have experienced “Predictive Analytics”. The accuracy and the speed of predictions and recommendations are very impressive. Amazon knows that buying one item makes Read more »

Sandra Wróbel-Konior SecurionPay

Everything You Have to Know About Fraud Management

Fraud can happen anywhere in the eCommerce world. It doesn’t matter if you’re running a small online business or are an owner of a retail chain. Technology developing and eCommerce market growth are incentives for fraudsters to find new ways of Read more »

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