Counter-fraud

The risk of fraud while working from home still looms, but as workers gradually return to workplaces the chance of fraud still remains. Our Fraud & Privacy special report, published in The Times, examines how cybercriminals continue to thrive in the uncertainty of a global pandemic, how invoice emails are the latest vehicle for fraudsters, and the cost of giving in to hackers. It looks at the debate around ethical surveillance and how activists are finding ways around facial recognition software. It explores what counterfeit fashion is costing brands in reputation and revenue, and new technology that might be an answer. Also featured is an infographic on the Dark Web and how it has become a lucrative marketplace for so many.

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced it is extending its partnership with Three UK to combat eCommerce fraud, which has increased during the Covid-19 pandemic.

Digital Identity platform is aimed at reducing the growing threat of ID theft

https://www.techradar.com/news/ee-launches-new-identity-check-platform-to-tackle-fraud

EE has announced its new Digital Identity platform which it hopes will protect customers from becoming fraud victims. The platform consists of a number of tools including a SIM swap checker and a call diversion checker. EE has worked with several banks in the UK that can now leverage these tools to provide more security when authenticating customers.

https://www.neowin.net/news/ee-launches-digital-identity-platform-to-prevent-fraud

Economists predict the disruption caused by the coronavirus pandemic will be felt well into 2021. Banks have been left vulnerable and have to contend with fraudsters who are using Covid-19 as an opportunity to commit financial crime, exploiting consumer fear and the increase in digital payments.

https://www.finextra.com/researcharticle/148/how-to-prevent-payments-fraud-amid-global-disruption

Fraudsters are targeting retail investors in new, sophisticated and large-scale scams, convincing some savers to purchase bogus investment products and disclose their personal details, the Investment Association (IA) warns today.

https://londonlovesbusiness.com/new-fraud-risk-targeting-investors-revealed/

Fraud detection company Ravelin today announced the successful raise of £16.4M ($20M) in new funding. Ravelin has pioneered the use of machine learning and graph network technologies to help online businesses accept more payments with confidence.

https://www.finextra.com/pressarticle/83311/ravelin-secures-164m-series-c-funding

The UK’s major banking groups have fully introduced the ‘Confirmation of Payee’ system, previously announced in October 2018, allowing clients to spot fraud and stop payments if necessary. However, this now puts the onus on the customer when continuing with the transfer.

 https://thefintechtimes.com/new-fraud-prevention-tool-now-being-used-by-uks-six-largest-banks/

The Covid-19 pandemic has changed the fraud calculus in favour of fraudsters.

Joe Bloemendaal, Head of Strategy at Mitek, explores why now, is the perfect time for banks and financial services firms to be finding ways that can tackle fraud with a few clicks