UK improving in fraud prevention, but more still needed
A new report by the Financial Fraud Action UK, a group that includes many card associations in the country, shows that fraud of credit and debit cards fell to a 10-year low in 2011 to £341 million, or about $535.6 million in U.S. dollars. This is great news for companies that have invested in PCI compliance measures and high assurance SSL certificates to protect customers, but other areas of fraud in the country are rising, as non-card fraud is up about 9 percent last year.
While credit card fraud was much lower, there was a 35 percent rise in people trying to manipulate bank accounts using identity fraud. Loans being targeted by identity theft scammers were also up by 58 percent.
"The increase in CIFAS fraud figures is consistent with tough economic times in the U.K., which normally coincide with a rise in scams, but the trend also reflects to move into more sophisticated identity-based attacks against bank and financial services customers," according to BobsGuide on the report. "The fall in the latest Financial Fraud Action UK card figures perhaps reflects this shift away from card-based fraud, although with the rise of online shopping the threat in this sector still remains very real."
Even so, improvements have to be made where they can. Businesses should be glad they have used the right certificates and security tools to lower the amount of credit card fraud, but companies must stay vigilant in their quest to secure their eCommerce website and secure the customers who shop there.
BobsGuide quotes Gary Clark, EMEA vice president of security vendor SafeNet, who said that “as hackers adopt more sophisticated methods to target social data and online transactions, financial institutions need to make sure that their data security strategies are evolving at the same pace, or even faster.” Companies looking to avoid scams and hackers should invest in security tools, such as Symanetc SSL certificates and code signing digital certificates, to help stay safe online.