Online fraud transactions are expected to reach $25.6 billion (£17.6 billion) by 2020, up from $10.7 billion (£7.4 billion) last year. By the end of the decade, it’s expected that $4 (£2.7) in every $1,000 (£687) of online payments will be fraudulent. Juniper Research’s study, Online Payment Fraud: Key Vertical Strategies & Management 2016-2020, discovered […]
Category: Fraud Prevention News
E-retailers cut their fraud rate
The percentage of online sales lost to fraud ticked down to 0.8% in 2015, from 0.9% in 2013, while the mobile fraud rate fell to 0.5% from 0.9%. Online retailers are losing a lower percentage of their sales to fraud, but paying a price in turning away more legitimate customers and manually reviewing more orders, […]
Using customer data to fight rising retail fraud
In a world where the threat from cyber criminals seems to be growing, online retailers are in the front line for attacks. The industry, disrupted as heavily as any industry has been by the advent of the internet, is facing twin pressures: making the customer experience as smooth and as easy as possible while protecting […]
Latest phishing email contains personal data
Action Fraud says it has received thousands of calls about a new email scam that’s sweeping the country. It’s of particular concern, they say, as the emails include detailed personal information such as full name, address and postcode. They are also – unusually – grammatical and correctly spelled. The emails purport to be chasing up […]
Iata deploys high-tech fraud prevention solution
Action to crack down on payment fraud in the air travel industry is being stepped up by Iata by including agents in a high-tech prevention method. Payment fraud costs the industry an estimated $858 million a year, with $639 million borne by airlines and the remainder by other participants in the travel value chain, including […]
Holiday spike in fake emails from banks
Consumers are being warned of a seasonal spike in “phishing” emails purporting to be from HSBC, NatWest and other major banks. Fraud experts say conmen are taking advantage of consumers’ higher-than-usual spending over the holiday period to trick them into thinking there is a problem with their account. The emails – which typically warn customers […]
Fighting fraud this shopping season
With the continuing growth in online shopping a less glamorous side of this trend is the increase in online fraud. As we head into the major shopping season of the year, expectations are that this year will be no exception. Globally online retail fraud now accounts for over one per cent of all online sales, […]
Keeping Fraud at Bay Requires a Joint Effort
Fraudsters are drawn to airlines like a moth to a flame, but they aren’t the ones who get burned. Air ticket sales are a “prime target” for fraud, said Jose Hernandez, fraud manager at Orbitz Worldwide. “With consumer goods, you can call up UPS and say, ‘Hey, send it back. You can’t do that with […]
133 detained in global action tackling airline fraud
On 3 and 4 November 2015 law enforcement agencies from across the world, supported by Europol’s European Cybercrime Centre (EC3), joined forces with the airline, travel and payment card industries in a major concerted operation to combat online fraud in the airline sector. The operation was organised globally through coordination centres at Europol in The […]
Combating electronic payment fraud
As payment channels evolve, not only do Financial Institutions (FIs) continue to fight the growing threat of electronic payments fraud, they also face a growing variation of fraud techniques across multiple channels. New mobile payment systems, such as Apple Pay, provide consumers with extreme convenience by allowing them to pay retailers directly with their phones, […]
Sim swap gives fraudsters access to your mobile phone
There’s a new, little-known scam designed to empty your bank account, as one Vodafone customer found to her cost. When Emma Franks’ mobile phone stopped working she assumed there was a technical problem and called her provider, Vodafone. To her surprise she was told that her sim card had been changed. She was promised the […]
Police awards £33m fraud reporting contract
IBM has been awarded a £33m contract by City of London Police (CoLP) to provide a fraud, cyber reporting and law enforcement solution. The action and ‘know fraud’ system has been procured by the force to support the work of its National Fraud Intelligence Bureau (NFIB) in developing a wider integrated fraud intelligence landscape within […]
Banking and card fraud rises to £325 million
Losses from fraudulent use of payment cards, cheques, and online and mobile banking rose 6% to £325.3 million in the first half of 2015, according to figures released today. Financial Fraud UK (FFAUK) said that even though the total amount of fraud increased by £17.6 million, fraud losses as a proportion of total spending fell […]
Hilton Hotels investigating card fraud claims
The Hilton Hotel chain is investigating claims that customers’ credit and debit card details were compromised as a result of point-of-sale malware implanted on its cash till. The compromise occurred between 21 April and 27 July, according to reports, with sources at five different banks telling high-profile security researcher Brian Krebs that the breaches could […]
Jailed fraudsters reveal scam secrets to police
Detectives have visited hundreds of convicted fraudsters in prison to find out how they carried out their crimes, City of London Police has said. Commissioner Adrian Leppard said the information helped disrupt cybercrime and reduce the number of victims. The prisoners were not rewarded with reduced sentences, he told the BBC. Police have always spoken […]
Why email is still the No 1 target for cyber-criminals
Gone phishing: why email is still the No 1 target for cyber-criminals Companies have a responsibility to protect their customers and staff from threats by securing the email channel, but how widespread is the problem? Email continues to be the leading route used by cyber-criminals to defraud victims, with RSA identifying a new phishing attack […]
Ofcom issues stern warning over fake caller scam
Telecoms regulator Ofcom is warning customers of the dangers of CLI spoofing – the process which allows incoming calls to display fake originating numbers on recipients’ phones. The organisation has pointed out that there are valid reasons for spoofing – “for example, a caller who wishes to leave an 0800 number for you to call […]
UK SMEs risk fraud activity as US adopts chip & pin
In 2004, EMV technology was introduced to the UK public. More commonly known as chip and PIN, it transformed transaction technology in a way that continues to affect retailing today. Within two years, the UK was almost completely migrated to EMV, with 99.8% of card transactions PIN verified. The technology put a considerable dent in […]
Oman Air clamps down on credit card fraud
A tightening of checks on the validity of credit card transactions is being imposed by Oman Air in a clampdown on fraud. Passengers who use credit cards to book tickets will be required to carry the same card with them at check-in. If a third-party card has been used for the booking and the cardholder […]
Fraud takes 5 percent bite out of business revenue
The world economy loses an estimated $3.5 trillion annually to fraud. Broken down based on gross domestic product, approximately 5 percent of annual revenue of U.S. businesses is lost to fraud, said Tim Bergsma, an accounting professor at Davenport University and an occupational fraud consultant. Davenport’s accounting programs include fraud examination and forensic accounting tracks. […]