Statistics from RSA Security’s Global Fraud Report for Q2 2019:
Daniel Cohen, Director of the Fraud and Risk Intelligence Unit at digital risk management experts RSA Security commented:
“This new Treasury Committee report marks a much-needed investigation into economic crime in the UK. Here, it’s plain to see that the digital transformation of finance is well underway. From one-click payment buttons to mobile apps from our favourite retailers, spending our money has never been easier and yet, this transformation is a double-edged sword; while digital has improved customer experience, it also introduces new risks that financial firms need to manage. As the number of touchpoints that consumers can access financial services through has increased dramatically, financial fraudsters have even more avenues to take advantage of and greater transaction volumes to hide fraudulent payments within.
“Fraudsters will constantly seek out weak points, so to keep pace with evolving fraud tactics, financial firms need to take a layered approach to proactively manage the risk of fraud across all channels. This will help them embrace the opportunities that come with digital transformation whilst maintaining confidence in their ability to detect and respond to fraud, protecting both themselves and their customers.”