We have been working with the UK Government to develop a national response to online fraud and have been invited to join the Home Office and National Audit Office’s (NAO) Joint Fraud Taskforce.
Our CEO Dr Mark Goldspink and the team here will be helping the UK Government, through the Joint Fraud Taskforce, to raise awareness of online fraud, reduce card not present fraud and ultimately help UK businesses to return money to fraud victims.
Last week, the NAO published an Online Fraud report outlining how online fraud had become the most commonly experienced crime in England and Wales and how to stop it. The report highlights the challenges facing the Home Office in influencing its partners, such as banks and law enforcement bodies, to take on responsibility for preventing and reducing fraud.
Mark says: “having worked in the online payments domain since 2000 I can advise, at this moment in time, there is no silver bullet for online fraud. Fraudsters are becoming increasingly ambitious and sophisticated in their financial crime endeavours. Fraud activity is becoming harder to spot within genuine activity and losses are being realised in a shorter period of time as fraudsters adapt to beat traditional fraud management techniques and strategies.
“The traditional rule-based fraud management approach is highly manual, requiring skilled analysts to prepare data, perform analysis and document recommendations. This approach is time-consuming and difficult to rapidly scale up to meet business demands. As a result, the online world needs processes and tools that work in real time and are automated!”
You can read the full report here.