The latest figures from UKCA show that card fraud totals are declining by 28% in the last year despite Cambridge Researchers misgivings about chip and PIN. While it is encouraging that card fraud losses are falling, online banking fraud is on the rise. The total amount of online banking losses reached £59.7 million last year - a rise of 14% compared with 2008. Meanwhile, research also showed that the number of "phishing" attacks grew by 16% in the same period. Things are no better across the Atlantic where according to figures released by the FBI's Internet Crime Complaint Center (IC3), in 2009 internet fraud cost businesses and consumers nearly USD 560 million, up from USD 264.6 million in total reported losses in 2008. This is the highest growth in online crime since IC3 began gathering data in 2005. During the period under review, the average cost per incident reached USD 575.
Whether it is online banking or online shopping there seems to be a significant growth in fraudulent incidents which current security measures are not coping with and although Visa have just come up with another tool called Rightcliq it may take more than that to attack the issue. Another concern is that in a survey of 100 retail, financial services and hospitality businesses, only 11% of companies are currently audited and certified as compliant. In addition, 35% of respondents still do not fully understand PCI compliance requirements. It seems that some basic steps need to be taken to review existing measures and maybe we should be looking to widen the usage of tools like two factor authentication to beef up the defences.
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Mark Healy, Chief Risk Officer - NEOVIA Financial - UK
"Disciplined methodology and effective teamwork, guided by Savantor's migration expertise and operational knowledge, were the hallmarks that led to the resounding success of this project, enabling us to maintain and develop our business capability."
Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland
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Sami Karhunen, Head of Business Intelligence and SME Sales - Point Transaction Systems Oy - Finland
"This complex migration, undertaken simultaneously in Spain and Portugal, has been a complete success. Savantor has provided us with excellent support for over 3 years, both in the original business transformation programme and now this double migration. We value their open and honest approach to business, and of course the expertise that they bring."
Ricardo Gomez, Director, Operations & Technology - WiZink Bank – Spain & Portugal
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Marie Costers, General Manager - Clear2Pay Open Test Solutions
"The bank has undergone significant transformation of its card business on both the issuing and acquiring sides. One business partner we have looked to for support in the areas of strategy, major project leadership, management analysis and ongoing business support is Savantor. The Savantor team has contributed to our success as we have leveraged their deep industry knowledge and broad range of operational skills."
Sean Sheehan, Service Management Director - Bank of Ireland
"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."
Jeff Guthri, COO - Moneris Solutions - Canada
"OP-Pohjola Group has used Savantors help in numerous different specialist projects differing from risk assessment to management tool creation to transaction analysis. We have been very satisfied by the quality of the service provided by Savantor's experts."
Kai Lindstrom, Head of Acquiring - OP-Services Ltd - Finland
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