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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"Savantor brought an independent perspective and valuable insight that enabled Rabobank to ratify options for delivery and future growth and make informed business decisions in support of our target business model. Having used Savantor on a number of strategic projects, we have no hesitation in recommending their services to others."
Evert R Fekkes, SVP Payment & Savings Services - Rabobank - Nederland
"Savantor helped ACI build a payments onboarding workshop for new technical staff in ACI EMEA. Their extensive experience took our outline and built a great starting presentation of industry facts that we have now customised further into a half day session that is used for all new joiners. Our Americas and APAC regions have also taken the material and customised it for their regions. A great job by Savantor has meant new joiners to ACI hit the ground running."
Richard Sanders, Principal Solution Consultant - ACI - Worldwide EMEA
"This was a major business transformation that required us to build an excellent team made up of internal bank specialists, supported by external card business, technical and operations expertise. Savantor provided specialists from the local market and with international experience to fill a variety of important roles. The Savantor resourcing team are professional, reliable and good people to work with."
Ricardo Gomez, Director - Operations & Technology - WiZink Bank - Spain
"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 successfully assisted Clear2Pay by providing specialist EMV expertise."
Marie Costers, General Manager - Clear2Pay Open Test Solutions
"Savantor did a superb job in confirming what we believed was an area of weakness. The detail we now have will enable us to agree internally what we need to do to improve structure, control and income. Nationwide management were very impressed with the quality of the Savantor team."
Adam Slater, Senior Manager - Banking - Nationwide Building Society - UK
"Savantor's support in our platform selection process has enabled us to sustain our profitability and positioning for the future. Their advice and guidance was essential to our decision-making."
Robert Lambert, Head of Cards Strategy - Permanent tsb bank - 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
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