Economic crime report from Commons Select Committee

Economic crime report from Commons Select Committee
01.11.2019 12:25 pm

Economic crime report from Commons Select Committee

Fraud Detection , Risk Management

Statistics from RSA Security’s Global Fraud Report for Q2 2019:

  • The total number of global fraud attacks detected in the first half of 2019 was 63 percent higher than the number detected in the second half of 2018, rising from 86,344 to 140,344
  • There was an 80 percent rise in fraud attacks introducing financial malware to the victim’s system in the first half of 2019
  • 47 percent of card-not-present (CNP) fraud transactions originated from the mobile channel in Q2
  • Fraud attacks originating from fake mobile applications rose by 191 percent in the first half of 2019 (to more than 57,000), as cybercriminals continue to abuse legitimate brands as a channel to commit fraud
  • E-commerce payment fraud attempts originating from a ‘trusted’ account (i.e. one known to the RSA fraud system for 90+ days) but a ‘new’ device increased from 20 percent to 80 percent of total e-commerce fraud, as perpetrators double-down on account takeovers as a means to evade fraud detection

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.”

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