News & Views - Savantor

Fraud budget cutbacks?

Wednesday, 30 September 2009

Articles on fraud seem to have proliferated again this month indicating cause for concern on a number of levels.  30% of banks responding to a recent survey have seen their fraud budget shrink.  Half of those polled agree that general cost-cutting across their organisations is weakening defences and then we find that 71% of companies do not treat PCI DSS as a strategic initiative despite the fact three quarters have been hit by a data breach.  This follows on from a comment in last month's edition about a recent Which? report with a less than favourable comment on banks online banking security listing several big name banks as having weak or average security.  Is this really an area banks can afford to take lightly?

ACI discovered perhaps unsurprisingly that the most important factor to ensure customers were happy with their bank after they were hit by fraud is how quickly any stolen money was reimbursed.  The survey also found fraud could influence consumers to revert back to cash, with a significant number saying they would definitely use cash over cards following a fraud.  As apparently one in eight of the UK's adult population have fallen victim to online ID fraud in the last year we don't want to see card fraud levels increasing because banks are cutting back on fraud protection measures.

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