Counter-fraud

Account Takeover is one of the biggest threats that banks are facing today. With 3.8 billion data records compromised worldwide in 2018, it is evident that despite implementation of cybersecurity measures, digital channels remain vulnerable.

https://www.finextra.com/eventarticle/2465/-on-demand-webinar---how-to-address-fraud-through-the-use-of-risk-analytics

Vital fraud protections should be made mandatory, a consumer watchdog has warned, as a report found that more than £1 billion is estimated to have been lost to bank transfer scams in just three years.

https://www.scotsman.com/news/uk-news/banks-are-failing-bring-fraud-protections-time-2463480

A new ICAEW report argues that auditors play a significant role in detecting and preventing fraud and sets out recommendations for how to do this.

https://www.icaew.com/insights/features/2020/mar-2020/fraudulent-financial-reporting-the-role-of-auditors

Zurich has announced a partnership with Carpe Data – a California-based company which offers a claims monitoring system powered by alternative and emerging data – to improve claims processing efficiency and help in the detection of insurance fraud.

Ecommerce is increasingly open to payment fraud: time to think holistically about how to tackle it with machine learning, report stresses

https://internetretailing.net/themes/online-payment-fraud-losses-to-exceed-200bn-over-next-5-years-says-juniper-21056

More than £1million worth of fraud — often targeting vulnerable and elderly customers — has been prevented through the Banking Protocol, a UK-wide scheme that enables bank branch staff to spot potential fraud victims and request an immediate police response.

https://westbridgfordwire.com/1-1-million-worth-of-fraud-prevented-in-nottinghamshire/

Nicola Sharp of corporate crime solicitors Rahman Ravelli emphasises the importance of companies having preventative measures that are fit for purpose.

Yorkshire Building Society will be holding events across the country providing people with hints and tips on how not to become victims of financial fraud.

If fraudsters are executing their campaigns very quickly and on a massive scale; the same approach must now be taken by brands.

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