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 […]
Join these great brands at the Merchant Fraud Summit
There’s a place for you to attend the Merchant Fraud Summit on the 1st November, in London. Would you like to join peers from dozens of the UK’s biggest organisations? Join us for a day (8am-5pm) of relaxed meetings with leading suppliers, a series of seminars including a session by ex-fraudster Elliot Castro, and another discussing the new Failure to Prevent Fraud […]
Demand for fraud detection solutions to drive market to $252bn
The fraud detection and prevention industry generated $29.5 billion in 2022, and is anticipated to hit 252.7 billion by 2032, equivalent to a CAGR of 24.3% over the forecast period. Analysis by Allied Market Research cites the introduction of big data analytics and cloud computing service, plus an upsurge in mobile payments, to bolster the […]
UK Finance highlights £55.5m anti-fraud success
£55.5 million of fraud was prevented in 2022 due to the Banking Protocol rapid scam response scheme, according to data released by banking industry body UK Finance. The Banking Protocol is a UK-wide scheme developed by UK Finance, National Trading Standards and local police forces. Bank and building society staff are trained to spot the […]
Alternative payments fuelling Australian e-commerce
E-commerce sales in Australia registered sustained growth over the last few years supported by availability of secure online payment tools, increasing number of online shoppers, and proliferation of online merchants and payment tools. Against this backdrop, alternative payment methods such as mobile and digital wallets are set to account for 34.1% of the payments made […]
Implementing Multi-Factor Authentication: Strengthening security in digital payments
As the digital payments landscape expands, so do potential vulnerabilities. It is critical for businesses to enhance their security measures, particularly in the realm of digital commerce. One effective method of safeguarding sensitive information is the use of Multi-Factor Authentication (MFA). Here are steps to put MFA in place for the digital payments element of […]
Join Experian, Royal Mail and Virgin Media at the Merchant Fraud SUmmit
If you’re a professional tackling payment fraud, you should join 60 of your peers at the Merchant Fraud Summit in November. The MF Summit takes place on the 1st November, at the Hilton London Canary Wharf As a financial crime, risk and lost prevention professional, attendance is entirely free and includes; You’ll be joining representatives from; Virgin Media, Royal Mail, […]
BPFI data shows increase in payment fraud in ireland
Fraudsters stole nearly €85 million (€84.6m) through frauds and scams in Ireland during 2022, an increase of 8.8% on 2021, according to a detailed report published by FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland (BPFI). The FraudSMART Payment Fraud Report H2 2022 outlines how card fraud accounted for over 95% […]
HOW TO: Implement anti-fraud measures for digital payments
In today’s digital era, businesses must be vigilant in protecting their payment systems against fraudulent activities. Establishing robust anti-fraud measures is vital to safeguard both your business and your customers. Here are key steps you can take to implement effective anti-fraud measures for digital payments… The first step is to educate and train your staff. […]
Cryptocurrencies proving resilient, but ‘face challenges’ on road to mainstream acceptance
In November 2021, the combined market value of all cryptocurrencies soared to a record-breaking $3 trillion. However, adverse macroeconomic circumstances and the collapse of major players, most notably FTX, caused a sharp 64% decline in 2022, plummeting below $800 million. The market has since recovered in 2023, reaching $1.1 trillion, according to GlobalData. Its latest […]
