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Nearly six million fraud and cyber crimes last year - expert comments

July 2016 by Robert Capps, VP at NuData Security

A new report has just been released by the Office for National Statistics which found that nearly six million fraud and cyber-crimes are committed every year mostly related to bank fraud. It estimated there were two million computer misuse offences and 3.8 million fraud offences in the 12 months to the end of March - suggesting fraud is the most common type of crime. Most related to bank account fraud.

Robert Capps, VP at NuData Security, comments:

"What’s very apparent is that card fraud is thriving and it confirms trends that
we continue to see. It’s no news that fraud is easy cheap and lucrative. The low
barrier to entry (just a simple consumer laptop and an internet connection is all
that’s required), the “cool” factor, the low prosecution rate, the potential
impact of your actions…it all plays into the ego, drive and motivation of these
attackers.

Imagine the temptation if you’re of that ethically challenged mindset. The
Internet is awash in consumer financial and identity data, just waiting to be
plucked and cashed out. It’s like walking through an apple orchard, and picking
the ripest, reddest apples, free and with very little opposition.

The latest hack, Omni Hotel, being just the latest in a long string of breaches - each one of which pays further dividends down the road in account takeover, new account fraud and identity theft. Like the gift that keeps on giving, data continues to be available, and the thieves keep cashing in.

The Increasing volume of attacks globally can also be 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, we’ll see fraud continue its migratory path to all available online channels.

We have to remember; fraudsters know us better than we do in that they’ve pegged
our vulnerabilities. It’s time we returned the favour. They are vulnerable because
they must do very similar behaviours to be successful, and guess what? We can find
them by their tell-tale signals.

In order to detect out of character and potentially fraudulent transactions before
they can create a financial nightmare for consumers, we must adopt new
authentication methods that they can’t deceive. Solutions based on consumer
behavior and interactional signals are leading the way to providing more safety for
consumers, and less fraud in the marketplace.

Meanwhile consumers can 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 strong, unique passwords on each site they register with.
 Don’t use public computers or free, unencrypted Wi-Fi to conduct financial or retail transactions or interactions.
 Don’t fall victim to email and phone scams, where a consumer receives a call from "their bank" asking for personal, or financial account information. When I doubt, call the bank directly, based on the number printed on the back of your card, or on a recent statement."


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