UK fraud pegged at £570 million in the first half of 2024
Data from UK Finance indicates criminals stole £571.7 million through unauthorised and authorised fraud in the first half of 2024, representing a 1.5 per cent decrease compared to the first half of 2023. Banks prevented £710.9 million of unauthorised fraud through advanced security systems, while 72 per cent of APP fraud started online and 16 […]
AI-enhanced malicious attacks and soft ransomware targets front of mind for risk execs
Concern about artificial intelligence (AI)-enhanced malicious attacks have again topped Gartner’s emerging risk rankings in the second quarter of 2024, while new concerns regarding soft ransomware targets are also coming to the forefront of enterprise risks. “Similar to AI-enhanced malicious attacks, soft ransomware targets require minimal experience and cost to cause significant financial and reputational […]
Research points to Business Email Compromise as new frontier in AI-powered fraud
A report has highlighted the ingenuity of cyber criminals in using AI to evade detection and maliciously scam individuals and enterprises, analysing 1.8 billion emails globally and detecting 226.45 million spam emails and 16.91 million malicious URLs to identify the email threat trends that impact enterprises the most. VIPRE Security Group’s Q2 2024 Email Threat Trends […]
Cross-border payments boom due to speed and reliability
Cross-border payments are becoming increasingly important to international economies, with around 63% of global consumers using international real-time payments (RTPs) services to send money to family and friends, while 51% use them only to pay for goods and services. That’s according to the 2024 Financial Services Consumer Survey conducted by GlobalData, which says the G20 roadmap […]
Moody’s study highlights Entity Verification as critical for risk management
Organisations face greater challenges to understand who they do business with amid rising risks and evolving regulations, according to a new Moody’s survey and interviews with senior risk and compliance professionals. Moody’s study found that Entity Verification – a data-driven process that helps verify and authenticate the credentials of each entity a firm onboards or […]
Fraudulent UK banking transactions to total 38 million over next five years
A study from Juniper Research asserts that the number of fraudulent banking and money transfer transactions in the UK will increase 111% over the next five years, from 4.2 million in 2024 to 8.8 million in 2029. Despite the UK being one of the most technologically developed FDP (Fraud Detection & Prevention) markets, it anticipates additional measures, such […]
Research: European businesses ‘unprepared for increasing cyber attacks’
A Cloudflare study has revealed that 64% of business leaders, including the retail and financial services sectors, expect a cybersecurity incident in the next 12 months, but only 29% feel highly prepared to defend against them The report, called “Shielding the Future: Europe’s Cyber Threat Landscape Report” shares the latest data on how organisations are coping […]
Card payments in China to hit $20 trillion
The Chinese card payments market is expected to grow by 3.7% to reach CNY141.1 trillion ($19.9 trillion) in 2024, supported by a constant consumer shift towards non-cash payments. GlobalData’s Payment Cards Analytics reveals that card payments value in China reached CNY136.0 trillion ($19.2 trillion) in 2023, registering a healthy compound annual growth rate (CAGR) of 3.8% during […]
AI-powered malicious attacks are now a top emerging risk, says study
Concern about artificial intelligence (AI)-enhanced malicious attacks ascended to the top of the Gartner emerging risk rankings in the first quarter of 2024. “The prospect of malicious actions enabled by AI-assisted tools is concerning risk leaders worldwide,” said Gamika Takkar, director, research in the Gartner Risk & Audit Practice. “The relative ease of use and quality of […]
Spain continues trends towards digitisation of payments
The Spanish card payments market is forecast to grow by 8.9% to reach EUR402.6 billion ($435.4 billion) in 2024, supported by a constant consumer shift towards electronic payments. GlobalData’s Payment Cards Analytics, reveals that card payment value in Spain registered a growth of 22.5% in 2022, driven by a rise in consumer spending. The value is […]
