Why banks need consumers to detect imposters

In the first half of 2016 alone, there were more than one million incidents of financial fraud, an increase of 53 per cent on the same period last year; with identity fraud against individuals costing an estimated five billion pounds last year.

Identity fraud occurs when an imposter pretends to be someone else. To prevent this, banks ask customers for passwords, but judging from the fraud figures, this isn’t working and things are getting worse. The reason is simple: data cannot differentiate. A password provided by the true customer is exactly the same when that same password is provided by an impostor.

A common banking disease that can lead up to $67bn loss in a year: fraud

Fraud is big business, costing the banking industry $67 billion per annum, according to the Association of Certified Fraud Examiners. It’s a problem no one can afford to ignore as firms struggle to recover from the global financial crisis and the world’s major economies teeter on the edge of recession. Most worrying of all, its incidence is escalating.

NetGuardians has recently partnered with Temenos to compile a comprehensive e-book, A-Z of Banking Fraud 2016. This e-book outlines the what, why and how of fraud; exploring the size of the issue, who commits it and, most importantly, what can be done.

Is this the worst fraud detection system ever?

Is this the worst fraud detection system ever?

Does Barclaycard have the worst fraud detection system ever?

That’s certainly what an acquaintance of mine thinks after having his card cloned in December.

Payments Knowledge Forum: the inside track

@TFL

This year's Payments Knowledge Forum (PKF) in London kicked off with the theme that we are moving towards an ever more virtual world. David Smith, Wincor Nixdorf, opened the event with the statement that people are constantly on the move and expect their services to move effortlessly with them.

So how can the payments industry live up to this expectation?