The Fraud Women’s Network – bringing together all women involved in the fraud prevention arena
If you’re a woman working in the anti-fraud space, you’re well aware of how male dominated it can be. Even if you’re not in the space, the aforementioned statement should come as little to no surprise.
I was discussing this back in 2007 with some other industry colleagues and we decided to set up the Fraud Women’s Network. The main premise being, to bring together women involved in all aspects of fraud prevention—detection, investigation and prosecution—to network and share best practices in order to tackle the threat from fraud and organised crime head on.
We were impressed by how quickly we grew our membership base. Now with more than 120 full-time members encompassing many years of fraud prevention expertise, we educate and mentor others and hold several events each year from breakfast briefings on fraud in the art world to the latest in dating fraud and how it’s being tackled by the police.
At our recent annual event, our theme was: Are you the weakest link? Victims and vulnerability in the modern age. We always spend a lot of time formulating our agendas and had two fantastic speakers from both Cifas and the FCA who gave their insights into the ever growing problems of fraud scams targeting both consumers and businesses in the UK. We attracted almost 100 delegates on the day, both male and female!
Simon Dukes from Cifas kicked off the session, discussing how criminals started doing their cost/effort analysis to find fraud to be a lucrative business. In 1992, 847 bank branches were raided, yet in 2013 only 89 had the same fate. Why? Banks are now less vulnerable. They have less cash held on site and CCTV now has much clearer images. Committing fraud online is much easier. You are much less likely to get caught and if you do, then the penalties are much lower than raiding your local HSBC.
With Cifas estimating that a fraud is committed every second in the UK, it’s getting harder to protect ourselves and there are more vulnerable groups emerging. Surprisingly, the 21-30-year-old age bracket is a growing group for fraud scams, partly as they live most of their lives online now. Education is going to be key, especially for those 7.1 million people in the UK who have never used the internet.
Mark Francis from the FCA covered Investment Fraud and the huge £1.2 billion lost per year through this scam, which includes ‘get rich quick’ schemes as well as share fraud and unauthorised collective investment schemes.
Mark stated that consumer education has been working with the boiler room frauds, but it’s within a fraudster’s nature to evolve and they will become ever more ingenious with their techniques. These scams are particularly effective on retired couples who have resources and confidence in managing their money. They can sadly lose very large sums of money to these relentless fraudsters.
As a not for profit organisation, we work closely with and rely upon not only the tireless contributions of our steering committee, but also upon our very generous sponsors such as ACI Worldwide. Without their support, we would be unable to offer these valuable sessions.
Related Blog Posts
Digital Disbursements: The Future of Insurance Customer Relations
In the insurance industry, where the cost of acquiring a new customer is 7 to 9 times more expensive than retaining an old one, strong customer relationships are vital to success. And, in the wake of the COVID-19 pandemic, adapting to customers’ needs is more critical than ever. To remain competitive, providers must continually evolve to meet the growing expectations of today’s insurance policyholder. Despite advancements in payment technology, more than a third of business-to-consumer disbursement payments are still made by check. This can be an expensive and slow process for insurers, especially in comparison to faster payment methods available. Many consumers now expect far more direct and advanced payment processes.
Billing and Payments in 2020: Ten Best Practices to Drive Digital Adoption and Engagement, Help Customers and Reduce Your Costs
In today’s changing times, both consumers and billers are experiencing more stress in managing bills and payments. Consumers may need to make payment arrangements or adjust how they pay their bills if they no longer can pay in person. Meanwhile, billers are scrambling to adjust to taking calls and receiving payments remotely and securely. ACI Worldwide has focused on meeting changing billing and payment needs since 1975, and we’ve compiled a list of best practices to help billers help their customers manage their bills and payments.
Higher Education Payments: Creating a Better Billing Experience for Students, Families and the Institution
For students and their families alike, paying for college may be one of the most stressful situations they can face. According to The Princeton Review’s 2020 College Hopes & Worries Survey Report, more than half of parents expect their child’s college degree—four years of tuition, room & board, fees, books and other expenses—to cost $100,000. Such a large and important cost deserves a corresponding payment system that matches up.
Gen Z Has Arrived. Is Your Business Ready for the Next Generation’s Billing and Payment Preferences?
Move over Millennials, Gen Z has arrived. They’re entering the workforce… and they too have bills to pay.
The largest of any generation, Gen Z is the first to grow up entirely surrounded by the technology that defines today’s world, from smartphones and social media to ubiquitous high-speed internet. This digital exposure has given Gen Zers – the oldest of whom are 22 – distinct digital preferences and, not unlike Millennials, the need for instant gratification.
A New Age of Billing and Payments: Mobile Wallets, AI Technology and Bill Sharing
Growing up in a digital world, Millennial and Gen Z consumers are always connected – and expect immediate access to information. ACI Speedpay Pulse, a consumer billing and payments trends and behaviors survey of more than 3,000 U.S. adults (responsible for two or more household payments a month), found that 99.3 percent of young consumers (defined as those between the ages of 18 and 34) own a smartphone.
The Balancing Act between Security and Customer Experience for Bill Payments
Data breaches involving payment data have doubled in the past year for many reasons—lack of security innovation, misplaced corporate priorities and weaknesses in developer portals to name a few.
What the Combination of Speedpay and ACI Capabilities Means for Today's Bill Payments
Speedpay joined the ACI Worldwide family in 2019, bringing together two bill payment leaders and creating a union based on industry growth through research and development, the highest quality of customer service and expertise, and ground-breaking innovative technology.
Auto Finance Summit 2019: Taking Aim at Fraud and Keeping Up with Technology
ACI Worldwide bill pay experts were recently at the 19th annual Auto Finance Summit in Las Vegas for three days of networking and education with industry leaders in auto lending and leasing. When we weren’t at our booth demoing the ACI Speedpay solution, we were catching up with our peers and attending informative panels and sessions. Here are our top-three takeaways from the show:
How to Maximize the Value of Partnerships Between Fintechs and FIs
The LATAM Open Banking & Fintech Partnership, organized by Connect Global Group, was held earlier this year in Mexico City, and ACI participated as one of the forum partners driving discussions on how to maximize value from collaborative partnerships between FIs and Fintechs. We explored the invaluable benefits of open API and strategies to differentiate the offerings of FIs and Fintechs, address consumer demands, and best practices for implementation aligned to regulatory requirements.
How to Be a Payments Trailblazer – The Seven Habits of Highly Innovative Organizations
The new Culture of Innovation Index from Ovum and ACI identified segments—from banks to intermediaries to merchants to corporates—at the cutting edge (of innovation) across the payments ecosystem. But what is most notable about those segments that have reached ‘trailblazing’ status is the apparent lack of commonality between them. No one segment, nor one region fosters better innovation. In fact, what’s driving these segments/organizations to be best of breed is their own culture of excellence. The only thing they have in common is their attitude.