Fraud has reached epidemic levels in the UK and should be seen as a national security issue, according to think tank the Royal United Services Institute (RUSI).
Experts Comments
To combat these types of attacks, consumers should always report emails to their banking provider.
The magnitude of these losses can't help but have a dampening effect on the UK economy. It's also bad news for consumers, who often bear the brunt of many direct costs (especially in account takeover and identity theft). Financial fraud offers a lucrative source of income for cybercriminals; with such tempting promise of high reward and low prosecution rates, emboldened cybercriminals have grown in their sophistication, exploiting the human-interest factor by posing as banks or suppliers and
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The numbers presented by the RUSI are certainly worrying and highlight the importance of equipping police forces with the best possible tools to identify and stop fraudsters. New technologies such as Machine Learning, which are already being used by banks and organisations to prevent monetary losses, should also be leveraged to reduce criminality as a whole. AI and ML engines, for instance, are now capable of attributing attacks to a specific criminal cell by analysing the signatures of certain
.....Read MoreThe numbers presented by the RUSI are certainly worrying and highlight the importance of equipping police forces with the best possible tools to identify and stop fraudsters. New technologies such as Machine Learning, which are already being used by banks and organisations to prevent monetary losses, should also be leveraged to reduce criminality as a whole. AI and ML engines, for instance, are now capable of attributing attacks to a specific criminal cell by analysing the signatures of certain behaviours.
One particularly effective approach is fincrime convergence (FRAML), which combines fraud detection and traditional anti-money laundering (AML) operations by automating data sharing and fraud insights. This multi-pronged approach can combat the growing complexities of financial crime, but the focus must remain on feeding algorithm-based engines with the right data. In this context, Fairness, Accountability, Transparency, and Ethics in AI remains an important caveat to ensure these new technologies are utilised in the right context and with transparent outcomes.
In their report, RUSI also calls for better information sharing between the private and the public sector, which is somewhat challenging due to GDPR restrictions. For this reason, regulators should aim to provide clearer guidance on what is permitted and legitimate so that sharing can occur without risk.
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@Andy Renshaw, VP of Payments Strategy & Solutions, provides expert commentary for "dot your expert comments" at @Information Security Buzz.
"Regulators should aim to provide clearer guidance on what is permitted and legitimate so that sharing can occur without risk...."
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https://informationsecuritybuzz.com/expert-comments/expert-opinion-on-fraud-epidemic-in-uk-is-now-national-security-threat
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@Andy Renshaw, VP of Payments Strategy & Solutions, provides expert commentary for "dot your expert comments" at @Information Security Buzz.
"Regulators should aim to provide clearer guidance on what is permitted and legitimate so that sharing can occur without risk...."
#infosec #cybersecurity #isdots
https://informationsecuritybuzz.com/expert-comments/expert-opinion-on-fraud-epidemic-in-uk-is-now-national-security-threat