Expert Opinion On Fraud Epidemic In UK ‘Is Now National Security Threat’

Stephen Maloney, Acuant’s Executive Vice President And Chief Revenue Officer, was recently featured in Information Security Buzz to discuss the impact of the rising levels of fraud in the UK, the importance of advanced authentication methods and steps consumers can take to secure their personal information. Read the original article here to learn more. 

Fraud has reached epidemic levels in the UK and should be seen as a national security issue, according to think tank the Royal United Services Institute (RUSI):

To combat these types of attacks, consumers should always report emails to their banking provider.

The magnitude of these losses can’t help but have a dampening effect on the UK economy. It’s also bad news for consumers, who often bear the brunt of many direct costs (especially in account takeover and identity theft). Financial fraud offers a lucrative source of income for cybercriminals; with such tempting promise of high reward and low prosecution rates, emboldened cybercriminals have grown in their sophistication, exploiting the human-interest factor by posing as banks or suppliers and then duping consumers into revealing their personal details. These scams have also proved effective in targeting commercial organizations, as senior executives have been tricked into revealing sensitive information that enables access to a company network.

The increasing volume of attacks globally has also been attributed to more data available on the black market and more financial institutions and merchants vulnerable to attacks. To detect out-of-character and potentially fraudulent transactions before they can create a financial nightmare for consumers – and for companies – we must adopt new authentication methods that hackers can’t deceive. Multi-layered solutions are leading the way to provide more safety for consumers and less fraud in the marketplace. These layers validate the user through information that hackers can’t replicate, securing the good user’s transaction at every step for a holistic view and one that is not a static moment in time.

The increasing volume of attacks globally has also been attributed to more fraudsters willing to commit the crime, more data available on the black market, and more financial institutions and merchants that are vulnerable to attacks. Plus, as more countries fully adopt EMV, fraudsters have switched their tactics online and fraud will continue its migratory path to all available online channels.

To combat these types of attacks, consumers should always report emails to their banking provider. No legitimate organization will ask for security or banking details, so consumers need to be suspicious of any email that requests this information

Meanwhile, there are steps that consumers can take to help secure themselves:

• Shop with well-known companies online, or use safer payment systems such as PayPal, ApplePay, Android pay, to avoid providing your payment details directly to an unknown merchant.
• Use a strong, unique password at every site, and make sure to change your passwords regularly.
• Don’t use public computers or free, unencrypted Wi-Fi to conduct financial or retail transactions or interactions.
• Don’t be fooled by branding or fake email addresses that seem to come from major businesses; ensure that the communication is valid before doing any correspondence.
• Don’t fall victim to email and phone scams, where a consumer receives a call from “their bank” or service provider asking for personal, or financial account information.
• If it looks too good to be true, it most likely is.  When in doubt, call the bank or business directly, based on the number printed on the back of your card, or official websites and statements.