News & Views - Savantor

Fraudsters also suffering during the recession

Monday, 15 June 2009

It looks like more emphasis is being put on anti fraud measures with the likes of HSBC ramping up their fraud monitoring systems and NAB and Aviva utilising voice biometrics on call centres. This would seem to be well timed as a recent reports suggest that one in three adults in the UK will be affected by card fraud in the coming year – last year the card fraud affected 1 in 4.

This prediction is based on the fact that criminals are experiencing tougher times due to the ongoing recession. Card fraud identikits - which typically include a card number, start/expiry dates, three digit CVVs plus other relevant data extracted from the magnetic strip of the payment card - were selling for around $15.00 each 18 months ago, that figure had fallen to around $2.00 by last October and could be available now for as little as $1.

The economic climate would also seem to be forcing fraudsters to become more innovative as the recent Bank of Scotland scam shows. It seems that fraudsters were able to tamper with their victim's phone lines, who they had previously contacted, allowing them to divert the call when the customer rang the genuine Bank of Scotland telephone number and then reveal account details to what they assumed were genuine bank staff.

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