Click here to close now.




Welcome!

@CloudExpo Authors: SmartBear Blog, Tom Kelly, Kevin Jackson, Elizabeth White, William Schmarzo

Blog Feed Post

UK Fraud Trends In 2013

Leading fraud consultancy UK Fraud (www.ukfraud.co.uk) has identified 10 key trends that will characterise the domestic fraud prevention market in 2013. These trends are:

  1. With more high quality data becoming available to fraudsters than ever before, an economy forecast to contract and the UK's benefits spend reducing, overall fraud levels will continue to increase dramatically across the UK and the rest of Europe. Fraud hotspots most likely to be affected in 2013 include: banks and card companies, insurers, online merchants, retailers and government be it HMRC, the universal credit scheme or local authorities.

  2. The types of fraud likely to see the biggest growth will be CNP (Card Not Present) card fraud, other forms of cybercrime, internal fraud, and supply chain fraud. Procurement fraud is also set to rise significantly. In contracting economies, evidence suggests that people inside this function can be put under pressure to defraud.

  3. Mortgage fraud is also set to surge in 2013, with credit rating experts pointing the finger at further rises in first-party fraud - i.e. where people misrepresent their finances whilst applying for mortgages. Once again the economic climate is a significant contributor in this.

  4. Recent spectacular mass data breaches and suspicion of cloud security in some areas will continue. An increasingly greater emphasis will be placed upon PCI DSS and other data security and integrity issues. Already, the daily number of automated attacks on bank and retailer systems runs into the millions, which means that we will continue to see major high-profile data breaches both reported and otherwise.

  5. Solutions will be based around systems for acquirers, online merchants and PSPs, who are regularly the victims of CNP fraud - where fraud is growing fast in line with the growth in internet based payments. Increasingly, solutions will move to better and newer generations of screening, scoring and risk based monitoring, such as those based upon Bayesian based fraud detection systems. These will start to pose a real challenge to older systems based on 'so called' Neural Networks.

  6. Most people feel that there could be a lack of unified central direction and strategy from government. The lack of a pan-European strategy will also prevail. The UK government's response is divided between the NFA, the Cyber Crimes unit and the Cabinet Office's FED (Fraud Error and Debt Initiative). Some believe passionately that the lack of a unified central government strategy will drive up fraud significantly in 2013. On the positive side, at least some of the civil servants who have been involved in the NFA since the beginning are starting to gain real experience of the sector and an appreciation of the enormous challenges they face. The DWP is also tendering to get some real-world fraud strategy skills into their midst too, which should prove invaluable given the changes due with the Universal Credit.

  7. The USA is increasingly ready for a policy U-turn on the adoption of signature as the CVM of choice. The US market will find it increasingly difficult to evolve in a global payment systems world without the protections offered either by PINs - or a 'next generation' solution. As the rest of the world is moving (or largely has moved) in this direction already, 2013 could see this U-turn as fraud increasingly migrates to the US.

  8. Major insurers will continue to develop a strong and very credible fraud prevention solution based around the 'front end' (underwriting stage of business) The emphasis on delivering a strong industry wide data-sharing drive will also continue to increase; although a whole re-think of the industry fraud register will be needed to address Data Protection Act requirements.

  9. There will be a major shift in the presence, position and fraud service offerings of one or more of the major data-bureaux (such as credit reference agencies), as more solutions either move 'in-house' or move to systems developed by a host of new players in various fraud sectors.

  10. And there will be some surprises as there always are - whether they are policemen 'on-the-take', another raft of politicians fiddling their expenses, or further high profile banks brought to their knees by (usually) rogue traders.

"The current economic climate is driving change and there is an evolution in the world of fraud prevention that we have not seen before," Says Bill Trueman, CEO of UK Fraud. "However, if we are to stay ahead of the fraudster, we have to be able to read these trends and manage both our strategy and the risks accordingly. In highlighting what we see as the trends, we aim to contribute to the debate and raise awareness of the risks. By keeping this debate alive we hope that fraud prevention will shortly gain an even greater emphasis in key seats of power - be that in the boardroom or within key government departments."

Ends

About UKFraud (www.ukfraud.co.uk)
UKFraud is a leading UK based consultancy, with an impressive international track record of eliminating the risk of fraud. Its founder Bill Trueman is widely accepted as one of Europe's leading fraud experts and a frequent commentator and writer on the issues involved. Trueman has extensive experience of the banking, insurance and the financial services sectors and is a thought leader at the forefront of many industry wide and international debates.

For further information, please contact:
Bill Trueman
UKFraud
020 8133 7575
[email protected]

or

Leigh Richards
The Right Image PR
0844 561 7586
[email protected]

Read the original blog entry...

More Stories By RealWire News Distribution

RealWire is a global news release distribution service specialising in the online media. The RealWire approach focuses on delivering relevant content to the receivers of our client's news releases. As we know that it is only through delivering relevance, that influence can ever be achieved.

@CloudExpo Stories
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.