Click here to close now.




















Welcome!

@CloudExpo Authors: Greg O'Connor, Elizabeth White, Tom Lounibos, Roger Strukhoff, Liz McMillan

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
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with ...
The Cloud industry has moved from being more than just being able to provide infrastructure and management services on the Cloud. Enter a new era of Cloud computing where monetization’s services through the Cloud are an essential piece of strategy to feed your organizations bottom-line, your revenue and Profitability. In their session at 16th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed how to easily o...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, S...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
"Alert Logic is a managed security service provider that basically deploys technologies, but we support those technologies with the people and process behind it," stated Stephen Coty, Chief Security Evangelist at Alert Logic, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
"ProfitBricks was founded in 2010 and we are the painless cloud - and we are also the Infrastructure as a Service 2.0 company," noted Achim Weiss, Chief Executive Officer and Co-Founder of ProfitBricks, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
"We specialize in testing. DevOps is all about continuous delivery and accelerating the delivery pipeline and there is no continuous delivery without testing," noted Marc Hornbeek, Sr. Solutions Architect at Spirent Communications, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit f...
"We have been in business for 21 years and have been building many enterprise solutions, all IT plumbing - server, storage, interconnects," stated Alex Gorbachev, President of Intelligent Systems Services, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...