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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"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
"Execution at its best. We're delighted that this project has been truly outstanding and received an award from 'The Banker'. Savantor provided crucial expertise that helped us keep all our promises in terms of delivery. The scheduling, planning and control regime throughout was excellent."
Chris Mason, Director - Commercial Cards EMEA - Citi - UK
"We were in urgent need of external independent expertise to supplement our internal resources. Senior consultants had to quickly integrate with our team and actively contribute. Their experts quickly forged strong working relationships and delivered to our brief. We enjoyed working with them to develop our future platform strategy."
Evert R Fekkes, SVP - Payment & Savings Services - Rabobank Nederland
"We needed expert help at short notice and Savantor were very impressive in their response and knowledge. The results were very clear and useful, enabling us to quickly make good progress on the next steps."
Sami Karhunen, Head of Business Intelligence and SME Sales - Point Transaction Systems Oy - Finland
"It was a strategic imperative for the bank to be EMV compliant for our payment cards and the experience that Savantor brought to the company has proved to be invaluable."
Eddie Sweeney, Chief Technology Officer - AIB Bank - Ireland
"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
"The expertise provided by Savantor has greatly helped us evaluate our risk position and to take the right steps in managing our future risks. Strong, disciplined planning and an ongoing willingness to work closely with our staff played an enormous part in making this a very successful well-delivered project which will greatly help us in achieving our business goals."
Mark Healy, Chief Risk Officer - NEOVIA Financial - UK
"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
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