A Collective Approach to International Fraud Prevention
Guest blogger: Jim Oakes, managing director at Financial Crime Risk Limited So, the World Cup is over for another four years and sports fans will be turning their thoughts to the next big event on the sporting calendar. While I enjoy these types of events from a personal point of view, professionally, it’s disappointing to see a lack of pro-active discussion about how the UK banking industry should collectively handle payments fraud during large sporting events. While banks do take individual measures to protect their customers, there is little or no public discussion or consumer education as to the potential and unique risks associated with host countries.
Improving the communication and knowledge sharing within the different parts of the industry is a key step in the fight against card fraud. Fraudsters tend to take the path of least resistance, so if a decent amount of information sharing is in place the rest of the industry can take steps to prevent fraud before it occurs. This can dramatically reduce losses across the board, right down to blocking individual offenders’ IP addresses. Many banks are already taking steps to put their own minds and those of their customers at rest. A combination of customer education, communication and comprehensive real-time analysis techniques will help banks to prevent spikes in fraud around major sporting events. However, only when they begin to take a more collective approach to payment fraud and consumer education can banks ensure that they are doing their utmost to protect their customers. Jim Oakes Managing Director at Financial Crime Risk Ltd Certified Fraud Examiner Vice President of the Association of Certified Fraud Examiners UK Chapter (ACFE) Certified Financial Crimes Investigator International Association of Financial Crimes Investigators (IAFCI)
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