A new report from Financial Fraud Action UK has found that fraud in the UK payments industry has soared by 53% in a year, totalling £755 million in 2015.
“Given the current state of security in the payments industry, it’s inevitable that the number of cases of financial fraud has risen so dramatically in the past year. Hackers have become more sophisticated and are managing to bypass traditional methods of security with alarming ease. A range of tactics which once seemed secure – such as identity verification via text message – are becoming easier for hackers to exploit. Meanwhile, banks are under pressure to be as user-friendly as possible, which has resulted in security being downgraded in a number of cases.
As the payments market has become more open, with a plethora of third party applications now sitting between banks and their customers, it has become paramount to accurately verify the identities of people accessing the data and systems involved. Fortunately, this is something that is addressed by the revised Payment Services Directive (PSD2), which will make online payments safer for businesses and individuals. In the meantime, customers should take every opportunity to protect their personal and financial data, such as enabling multi-factor authentication when it is offered, and not reusing passwords across multiple accounts.”
ISBuzz Team embodies the collaborative efforts of the dedicated staff at Information Security Buzz, converging a wide range of skills and viewpoints to present a unified, engaging voice in the information security realm. This entity isn't tied to a single individual; instead, it's a dynamic embodiment of a team diligently working behind the scenes to keep you updated and secure. When you read a post from ISBuzz Team, you're receiving the most relevant and actionable insights, curated and crafted by professionals tuned in to the pulse of the cybersecurity world. ISBuzz Team - your reliable compass in the fast-evolving landscape of information security
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.