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Displaying 111 - 120 of 127 Payments Risk Management blog posts

  • Card fraud increases 60 per cent in 18 months

    Thursday, March 10, 2011

    ACI’s 2010 Global Card Fraud Survey has been making a splash in the media over the last few weeks. According to our research, approaching a third (29 per cent) of consumers across eight major economies have been victims of card fraud in the past five years. This is up from less than a fifth (18 per cent) in summer 2009.

  • We have a collective responsibility for fraud

    Thursday, January 27, 2011

    News out today from the National Fraud Authority (NFA) shows that fraud costs the UK economy £38bn a year – leaving every adult in the UK £765 worse off.

  • The changing nature of fraud

    Tuesday, December 07, 2010

    The reduction in fraud levels seen in Australia once again reiterate the potential savings that can be delivered if countries roll out EMV technology, and it will be interesting to see if the current non-EMV countries such as the US reconsider their stance as these stories continue to come through.

  • Not Just Another Manic Monday

    Monday, November 29, 2010

    According to Kelkoo – the online retail comparison website – and Visa Europe, Monday 29 November is the busiest online shopping day of the year. Visa Europe expects 3.8m purchases worth £265m to be made using Visa cards and Kelkoo says that online shoppers are expected to spend £537m on Christmas gifts today.

  • Direct Debit Fraud at an All Time High

    Tuesday, November 23, 2010

    It is worthwhile remembering that there is actually more than one victim involved in Direct Debit fraud. The Paying Bank executes the payment against a fraudulent direct debit mandate, and the Collecting Bank receives the fraudulent payment, whose customer provides goods and services – for simplicity let's assume they are in fact legitimate in the first place.

  • Getting One View of Financial Crime

    Wednesday, October 27, 2010

    Anyone who has worked in a bank, or has spent any length of time working with them, knows that technology silos are all too commonplace. Many banks have one system to process debit card payments, another for credit, a third for online banking, and the list goes on. The same applies for fraud prevention and detection, where many banks aren't yet taking a true enterprise view of a customer but instead trying to identify fraud on individual channels, which inevitably makes the detection slower and less accurate - for when fighting financial crime, information and knowledge really is power.

  • Wire Transfer Fraud who is Responsible

    Friday, October 22, 2010

    I recently wrote about the risks that banks face with respect to the alarming scale and sophistication of today's wire transfers. Related to this is the issue of acccountability and responsibility.

  • Don't be discouraged from online banking

    Wednesday, September 29, 2010

    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.

  • Internet Banking Faces A New Threat

    Monday, September 27, 2010

    The recent announcement of the multi-channelled Zeus attack on a user’s internet banking account is an interesting hypothesis and surely will not be the last when it comes to beating the ever advancing online banking systems. The attack method currently seems to use the mobile phone as a forwarding device for any one time password that is delivered to the customer. It’s unclear whether or not the mobile phone hack would hide the incoming SMS from the customer, however if it doesn’t, then if banks ensure they include relevant transaction details in the SMS - amount, and beneficiary - it could allow the legitimate customer to detect that something has gone wrong prior to money being lost.

  • Understanding Today's Wire Transfer Risks

    Saturday, August 28, 2010

    While the rise of wire transfer and ACH (automated clearing houses) fraud is not news, the pure acceleration rate, scale and sophistication of corporate wire and ACH fraud is alarming. For example, the FBI recently took the step of issuing a cyber security advisory in response to the growth of unauthorized and fraudulent multi-million dollar wire transfers from business and government entities to overseas locations.

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