News & Views - Savantor

Is online the real problem area?

Monday, 15 March 2010

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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