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Current accounts top target for fraudsters

The humble current account has become the most targeted financial product by fraudsters, due to a loophole in the UK’s seven-day switching service. At least 89 in every 10,000 applications for a current account are made by an imposter, according to Q1 figures released by Experian. Within the first three months of last year, 32% of fraudulent current account applications were… Continue reading >>

Biometrics has a strong future in financial services

The financial services industry must set aside competition and collaborate on biometrics to ensure consistent, easy and convenient services for end users. These are the findings of a survey published today by Mobey Forum, exploring the current attitudes to biometrics within the banking industry, the key use cases, industry drivers and obstacles standing in the way of progress. Of the… Continue reading >>

25% jump in cross border fraud on UK debit cards

The percentage of fraudulent transactions occurring outside the UK in 2014 on UK debit cards rose 25% in a massive sample of cards studied by analytic software firm FICO. Cross border fraud transactions accounted for nearly a third (31%) of all fraudulent transactions on 52 million active UK debit cards studied, up from 23% in 2013. cross border transactions overall nearly… Continue reading >>

Banks adopting biometrics against fraud

A new impact report finds that the use of knowledge-based analytics are on a fast decline, while various forms of behavioural analytics continue to see strong growth. The report, “Digital Channel Fraud Mitigation: The Mobile Force Awakens,” details the latest threats to banks and their customers, and looks at the technologies being used by banks. The research, which is based on spring… Continue reading >>

Two-thirds of retailers feel they lack tools to tackle omni-channel fraud

More than 50% (54%) of retailers in Europe and the US still have to consolidate their fraud management solutions across all channels, according to new research conducted by Forrester Consulting commissioned by ACI Worldwide. The research reveals that omni-channel data aggregation, the increasing number of payment options, the demand for faster fulfilment and the rapidly changing nature of fraud all present… Continue reading >>

Russian man gets personal with biometrics

A Russian engineer has made biometrics personal by implanting a contactless transit chip in his hand. The engineer took the chip from his public transit Troika card, wrapped it in silicon and implanted it under the skin on the back of his hand. He then sewed up the wound using plastic thread. Although the man says the implant is successful,… Continue reading >>

RBS to boost IT spend after latest failure

Royal Bank of Scotland (RBS) is pledging to invest another £150 million a year to improve the strength of its IT systems, following the latest breakdown which saw 600,000 transactions vanish from customer accounts. The breakdown involved an overnight processing failure which affected salary, benefit and bill payments and other debit and credit transactions in customer accounts. RBS is planning… Continue reading >>

Mobile biometrics market to reach $35 billion

According to a research conducted by Acuity Market Intelligence annual revenues from mobile biometrics embedded in smart mobile devices will spike from $1.6 billion in 2014 to $34.6 billion in 2020. According to the research, the increase in the mobile biometrics market represents a CAGR of nearly 67% with total forecast period revenues exceeding $117 billion. The report segments the mobile… Continue reading >>

Top 8 future cyber security threats to the financial services sector

Financial services providers must better prepare for the threat that new technologies pose to their cyber security strategies or risk damaging customer and investor confidence. Cyber-crime within the financial services industry has reached unprecedented *levels and currently costs the global economy £266 billion each year. As companies increasingly adapt to emerging technologies, such as digital wallet service Apple Pay and… Continue reading >>

Most dangerous countries for e-commerce fraud

It’s all too common for online retailers to avoid encouraging international business out of fear that the pros of a wider market, higher visibility and more sales will be offset significantly by a higher rate of e-commerce fraud. And this fear isn’t unfounded; the 2014 LexisNexis True Cost of Fraud Study found that fraud loss as a percent of revenue grew… Continue reading >>