Fines relating to mismanagement of data subject rights could hit $1bn
By 2026, fines due to mismanagement of subject rights will have increased tenfold from 2022, to total over $1 billion, according to Gartner. The analyst defines subject rights requests (SRRs) as a set of legal rights that enable individuals to make demands and, in some instances, changes for clarity regarding the uses of their data. […]
Your agenda at the upcoming Merchant Fraud Summit
The Merchant Fraud Summit takes place over a day & consists of 1-2-1 meetings with innovative suppliers to help with your upcoming plans, insightful seminar sessions and numerous opportunities to network with peers. Click here to confirm your attendance (booking form takes less than two minutes to complete). AGENDA: 1st November 08:00 – 08:45: Registration […]
Bribery and corruption concerns drive 650% increase for Regtech AI KYC checks in banking sector
A new study from Juniper Research has found that the total number of Know Your Customer (KYC) checks for banking, conducted using AI, will reach almost 175 million globally by 2028; up from just over 23 million in 2023. The demand for regtech solutions is increasing across not only financial services, but also industries such as […]
Understanding the Authorised Push Payment (APP) fraud threat
In today’s digital age, where electronic transactions have become commonplace, the spectre of fraud continuously looms large. One such deceptive practice that has been increasingly plaguing the UK’s financial landscape is Authorised Push Payment (APP) fraud. At its core, APP fraud involves a fraudster deceiving individuals into sending them money. These payments are ‘authorised’ because […]
PSR proposes £415,000 cap on APP fraud claims
The Payment Systems Regulator (PSR) has launched two consultations in the lead up to the implementation of its new authorised push payment (APP) fraud reimbursement requirements. In June, the PSR set out its final position on tackling APP fraud, which will mean the vast majority of victims will be reimbursed within five days of the […]
Risk prevention in digital payments for e-commerce: Where to start
The e-commerce landscape is expanding at a breakneck pace, with digital and alternative payment methods emerging as the driving force behind this growth. While these payment methods offer unprecedented convenience, they also bring about a new set of challenges in terms of risk prevention. For e-commerce businesses, understanding and mitigating these risks is vital to […]
Do you specialise in Risk Prevention or Compliance Solutions? We want to hear from you!
Each month on Merchant Fraud Briefing we’re shining the spotlight on a different part of the market – and in September we’ll be focussing on Risk Prevention Solutions & Compliance Solutions. It’s all part of our ‘Recommended’ editorial feature, designed to help industry buyers find the best products and services available today. So, if you specialise in Risk […]
UK Electoral Commission data breach ‘raises questions’ about UK cyber posture
The severity of the UK Electoral Commission suffering a cyber breach has led one analyst to call the incident ‘highly disturbing’, and one that raises many questions about the cyber governance of the UK’s independent and public bodies and the technical advice they are given David Bicknell, Principal Analyst, Thematic Intelligence at GlobalData, said: “This suggests cybersecurity was […]
Digital Identity Verification: Shielding your business from fraud
As the digital realm continues to dominate business operations, safeguarding customer and company data against fraud is paramount. Employing digital identity verification can be a robust line of defence, ensuring that only genuine customers access services and perform transactions. Before integrating such a solution, here are some vital considerations… 1. Comprehensive Solution: Opt for a […]
Fraud risk trends to watch out for in 2023
Various types of fraud pose significant risks to UK businesses, including financial loss, reputational damage, legal consequences, regulatory non-compliance, and loss of customer trust. Fraudulent activities can also lead to direct monetary losses through theft, embezzlement, or fraudulent transactions. The reputation of a business can be severely affected, impacting customer perception and relationships with partners and stakeholders. Legal consequences […]
