Comment: ONS - online fraud
July 2021 by Stuart Dobbie, SVP, International, Callsign
Following The Office for National Statistics releasing figures which show that online shopping has led to a substantial increase in computer crimes such as fraud and hacking, we wanted to share comment below from Stuart Dobbie, SVP, International at British authentication firm Callsign. Please find this below.
“The recent ONS stats highlight how online scams have led to a substantial rise in fraud during the pandemic. Consumers aren’t to blame. The technology organisations are using to interact with genuine consumers has been usurped by fraudsters.
“Fraudsters are monopolising channels such as SMS and email which are outdated methods of communication that have simply been digitised for the modern world. We can no longer rely on these channels to authenticate identities. Our own research shows that SMS appears to be the weakest link, with only 5% of consumers thinking it is a safe channel to communicate with their bank or retailer. Alongside this, over a third (38%) of UK consumers think identity is the problem and that people should prove who they are when signing up to use a platform to stop scammers.
“To ensure their brand is not tarnished by scammers, businesses must re-evaluate the communications channels they use to interact with customers to better establish trust. By digitally transforming from the ground up (instead of simply digitising), organisations can overcome the fraudsters, protect their brand, create seamless and secure customer journeys and build all important digital trust.”