UK fraud on the rise: big tech must step in to stem the tide

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UK Finance has released its biannual 2021 fraud update. In the document, the organization argues that fraud in the UK has reached a level where it “poses a threat to national security”. Figures, for example, reveal that in the first half of 2021 alone, £ 754million ($ 100million) was stolen from consumers.

Using tactics such as fraudulent phone calls, texts and emails, as well as fake websites and social media posts, the criminals sought to trick people into passing on personal information and passwords. with renewed intensity.

This prompted Katy Worobec, Managing Director of Economic Crime, UK Finance, to comment: “Fraud has a devastating impact on victims, so partnerships like banking protocol are not only essential in helping vulnerable people, but they also prevent the stolen money from continuing to fund other illicit activities, including drug trafficking, human trafficking and terrorism.

Benoit Grangé, Chief Technology Evangelist, OneSpan explains to Digital journal that measures must be strengthened to repel the threat posed by cybercriminals.

According to Grangé: “There are always steps that banks and other financial institutions (FIs) can take to improve security. As with any organization that manages sensitive customer data or sensitive finances, security plays a critical role in the success of digital transformation initiatives.

While several companies are impacted, Grangé calls one sector in particular: “This is particularly the case in the constantly evolving financial and cybersecurity environment.

There is a related sector that also needs to be addressed, notes Grangé: “Big tech companies are at serious risk of being left behind. Most consumers interact with their finances and financial institutions through smartphones or laptops, and often make payments or other financial activities through other messaging apps.

This means that there must be a merger between the two sectors. Grangé recommends: “As a result, big technologies must be held accountable and recognize the role they must play in ensuring that consumers are protected against fraud and retain control over their personal data. “

As to how this might be conducted, Grangé says government and state agencies need to play a major role. He observes: “The responsibility for ensuring the security of digital financial services lies firmly with regulators, who can establish consumer protection guidelines, and with technology companies themselves, to implement a level of security commensurate with the sensitivity of consumers. data they hold. “

Therefore, says Grangé, what the financial sector needs is stronger and more extensive regulation in order to control the markets.


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