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Process and data is key to defeating fraud

Process and data is key to defeating fraud, not just technology

Friday, 17 October 2008

Someone once said 'If terrorism didn't exist then counterfeiting would be the most significant criminal act of the 21st century' and in this context the latest figures from APACS don't make pleasant reading particularly the CNP and online banking increases which now seem to be the targets of choice for fraudsters. On top of that we find that these gangs are now tampering with terminals before they are despatched in order to insert devices to copy account details. Whilst all this may be good news for suppliers of fraud detection engines (and would be better news if they could only produce decent MI) it is bad news for the banks and their customers.

EMV has done a job in the UK but its effectiveness is hampered by the slow roll out in the rest of the world. Process and data is key to defeating fraud not just technology. Banks need to understand how best to employ each of these to counter the fraudsters.

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