A case of stolen identity
A report from Cifas – the UK’s dedicated fraud prevention service – has found that a record 89,000 cases of identity theft occurred in the first half of this year. Identity fraud has now reached epidemic levels, up 5% on the same period last year. The situation A new wave of identity theft is taking […]
Mobile banking fraud: how to keep safe online
According to mobile security experts, 84% of mobile banking users are confident that their banks are completely on top of security and fraud prevention. But should they be, if more than a quarter of UK consumers that experienced banking fraud noticed the behaviour before their banks did? Mobile payments are becoming increasingly commonplace, exceeding a […]
More travellers are falling victim to holiday fraud
Action Fraud, the UK’s national fraud and cyber-crime centre, estimates that in 2016 approximately £1,200 was lost per person as a result of holiday fraud. The number of reported cases continues to rise by 20 per cent year-on-year, increasing from 4,910 in 2015 to 5,826 last year. The report also states that 26 per cent […]
Telecommunications: the battle against fraud
Mobile network operators have long been targets for fraud and revenue risk. The nature of these companies’ businesses mean they generate significant revenues. If revenues are significant, as is the risk of fraud. What frauds should network operators be aware of? And, more importantly, how can they combat them? The Communications Fraud Control Association’s (CFCA) […]
Barclays to introduce new tracking measure to combat fraud
Barclays has pledged to introduce a new tracking service for UK customers that aims to stop stolen accounts being accessed abroad. The opt-in service will track a customer’s location using their mobile phone’s GPS signal and allow bank staff to check if someone is in the same country as their debit or credit card. By […]
Artificial Intelligence to help tackle fraud
Fraud poses a serious threat to banking and financial institutions globally. With the finances of consumers and corporations at stake, many organisations are investing in ground-breaking technology to help prevent fraud. One area of technological innovation that these institutions are exploring is artificial intelligence (AI). For example, MasterCard has recently announced the launch of Decision […]
Key fraud issues service providers need to know about
The Communications Fraud Control Association’s (CFCA) annual fraud survey provides telecoms fraud managers with an assessment of the key revenue threats from fraud. The latest survey identified the top frauds committed against service providers. $10.76 B (USD) – International Revenue Share Fraud (IRSF) International Revenue Share Fraud has been an issue for more than a […]
SIM Box fraud and OTT bypass biggest threats to mobile operator revenues
Mobile network operators have lost 20% of termination revenues to OTT hijack in the last 12 months on average, with some operators losing more than 70%, according to a new survey conducted by anti-fraud specialist Revector. SIM Box fraud and OTT hijack remain two of the major threats to mobile operator revenues with more than […]
Fraud damaging UK economy
A report commissioned by the National Fraud Intelligence Bureau (NFIB) and fraud prevention group Get Safe Online has revealed from April 2015 to April 2016, cybercrime cost the UK economy a staggering £10.9 billion. The loss equates to £210 for every person over 16 living in the UK, however, it is feared the actual scale […]
The Risks of Social Engineering
According to the latest figures, Facebook—the world’s most popular social network—has 1.51 billion active mobile users. For fraudsters and cyber thieves, this is a huge market for potential social engineering fraud. Internet security firm BullGuard defines social engineering as “the use of deception and manipulation to obtain confidential information. It is a non-technical kind of […]