Don't be discouraged from online banking
The news that UK police have arrested 19 people in connection with the theft of millions of pounds from online bank accounts shows the lengths to which criminals will go to commit fraud, and the PCeU must be congratulated on breaking this criminal gang. However, it is important that stories like this don't discourage consumers from banking online. As an individual there are a number of steps that people can take to help protect themselves from fraud - including never clicking on suspicious links in emails or on websites that could download this type of malware to their computer; regularly running anti-virus software; always checking statements; and reporting anything suspicious to their banks.
From the bank side, there is a lot they can and are doing to help protect their customers. We're starting to see a growing number of banks using what is called ‘out-of-band' methods to confirm with customers if a transaction is genuine - such as a phone call or an SMS message. Banks are also implementing comprehensive fraud analysis tools to look at every transaction made on an account to see if they fit into the usual ‘pattern' for that individual, and stopping or delaying anything that seems to be suspicious.
Despite criminals' ever advancing methods of attack, police can still disrupt and put an end to this activity, and as banks and police team up and pool their intelligence, these sorts of busts will hopefully become more and more commonplace.
Fraud & Risk Solutions Consultant
Related blog posts
Peak Trading Is About More Than Black Friday And Cyber Monday
Many merchants will have now experienced their biggest single trading day of the year, either Black Friday or Cyber Monday, and alongside these peak trading days have focused their efforts on effective fraud managements and delivering a seamless and secure checkout experience. However, this is not universally the peak for all merchants.
Six Steps To Optimizing Fraud Management During Peak Trading
A well planned and thought out fraud management strategy can increase revenue by more than 20 percent, so with the holiday shopping season – including traditional peak days Black Friday and Cyber Monday – we encourage merchants to consider the following practical steps in order to maximize their success.
Holiday Retail eCommerce Sales Promise Growth But Fraudulent Activity Also Rising
There is no question that peak trading days provide major revenue opportunities for eCommerce merchants. Amazon UK is reported to have sold around 86 items per second on Black Friday in 2015, and total U.S. online sales (across merchants) on Cyber Monday rose 16 percent from the previous year, to $3.07 billion.
Risky Business? Open Invoice Payments In Germany
PayProtect is used by merchants and payment service providers to manage the risk around 'purchase on account' – a payment method that is a must when operating in the large German eCommerce marketplace. Jens Kühle, MD of GPP, a company of the GFKL-Lowell Group, sat down with us to explain the specifics of eCommerce risk management in the German market.
Detecting Internal Fraud by ‘Breaking Bad’
There has been no shortage of news stories around the banking industry and its vulnerability to internal fraud, particularly that the industry has limited internal surveillance. Internal fraud has proven to be news-driven (and news-worthy); it’s a great feature lead-in story and scintillating red-meat for mass consumption. Internal fraud events are obviously a reputational risk for banks, but then take a huge turn into regulatory risk territory, before winding up squarely a legal risk (and the headline-grabbing fines that come with it). Finally, a strategic and market risk bubble up as customers are lost to competitors.
Rio 2016 – Once the Games Are Over, It Doesn’t Mean Fraud Is Over
The 2016 Rio Games are in full swing—with great story lines and unbelievable performances by incredible athletes, all being watched and admired by a million additional tourists in town (not to mention the many billions watching on TVs and computer screens).
The connected world, mobile commerce and fraud
The following Portuguese language contribution comes from one of our many talented Latin America-based colleagues and fintech experts. Based in Sao Paolo, Hugo Costa, general manager of ACI Brazil, provides some great insight into the connected world, mobile commerce and fraud.
Alarming Brazilian card fraud trends & outlandish risky behavior
In a recent report “Global Consumers: Losing Confidence In The Battle Against Fraud,” it was found that 30% of consumers have experienced card fraud in the past five years. Against a backdrop of 2,260 confirmed data breaches in 2015 and over 4 billion records stolen since in 2013, consumers are losing faith in the ability of providers to protect them.
South African card fraud trends & risky consumer behavior
In conjunction with the PASA International Payments Conference this week, we decided to take a look at some recent consumer fraud data from the host nation, South Africa. The market is very similar to the global averages, in that a shockingly high number of consumers continue to experience card fraud. Despite the number of fraud attacks and breaches, consumers in South Africa continue to engage in risky behavior such as providing information in phishing attempts and writing down their PIN numbers.
July: the hottest shopping time of the year for consumers, retailers—and fraudsters
Summer is in full swing, and while many people equate this time of year with beach-hopping and BBQs, retailers—and those of us who keep them in business— are quickly making July one of the most exciting shopping months of the year. Irresistible online sales and promotions abound, and with that, so does the risk of fraud. In fact, eCommerce fraud attempt rates in July, 2016 (1.6%) are slightly higher than fraud rates in December, 2015 (1.2%), which is the busiest holiday shopping time of the year.