News & Views - Savantor

Are we doing enough about Fraud?

Monday, 31 August 2009

Just in case anyone was under any illusions about winning the battle against fraud we had the alarming news earlier this week that prosecutors have charged a Miami man with hacking into the computer networks of several firms - including Heartland Payment Systems, 7-Eleven and Hannaford Brothers - and stealing the details of 130 million credit and debit cards.  Also reported recently was Radisson Hotels & Resorts saying its computer systems have been illegally accessed, putting customer card details at risk.  Radisson says it does not know how many people have had their data exposed.  If such huge numbers of card details can be put at risk it does seem to raise questions about the security systems currently in use by major retail and financial organisations and whether we are collectively doing enough.

 

An analysis of fraud trends during the first half of 2009 by CIFAS reveals a continuing surge in fraudulent activity. A 43% jump in the number of victims of impersonation, 74% increase in identity fraud compared with the same period in 2008, and a continued rise in facility takeover frauds.  On the positive side there was a 25% decrease in cases of application fraud and an 11% increase in the financial losses avoided through fraud data sharing by CIFAS Members.   However, in another report Which? has come up with a less than favourable comment on banks online banking security listing several big name banks as having weak or average security.

 

Maybe it would be worth investing more in anti fraud technology rather than getting ATMs to talk to us in Cockney rhyming slang?

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