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Fighting fraud-disruption, regulation and the UK's ongoing battle with cybercrime
In mid-2021, UK Finance revealed that banking customers in the country lost a record 1.3 billion pounds in 2021 to cyber fraud, arguing that the country is experiencing an 'epidemic of fraud' and that 'collaborative action' is required in order to regain control.
Not even the government is insulated from this-it admitted that as much as 4.9 billion pounds of the 47 billion pounds lent by banks to 1.1 million companies between May 2020 and March 2021 as a part of the government's Bounce Back Loan programme was lost to fraudsters.
To cover the regulations and technologies being deployed to combat fraud, FStech was joined by Chen Kirsch, Senior Business Consultant at Nice Actimize.
On the podcast, Chen Kirsch and host Jonathan Easton discussed whether measures like Confirmation of Payee (CoP) will reduce the fraud and scam risks associated with Authorised Push Payments (APP). There are concerted efforts to help with APP risks and all aspects of financial controls are currently being reviewed. Controls like fraud technology, fraud prevention regulations focused on consumers and financial institutions, and the role third-parties can play in combatting cybercrime in the financial sector.
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By Perspective PublishingIn mid-2021, UK Finance revealed that banking customers in the country lost a record 1.3 billion pounds in 2021 to cyber fraud, arguing that the country is experiencing an 'epidemic of fraud' and that 'collaborative action' is required in order to regain control.
Not even the government is insulated from this-it admitted that as much as 4.9 billion pounds of the 47 billion pounds lent by banks to 1.1 million companies between May 2020 and March 2021 as a part of the government's Bounce Back Loan programme was lost to fraudsters.
To cover the regulations and technologies being deployed to combat fraud, FStech was joined by Chen Kirsch, Senior Business Consultant at Nice Actimize.
On the podcast, Chen Kirsch and host Jonathan Easton discussed whether measures like Confirmation of Payee (CoP) will reduce the fraud and scam risks associated with Authorised Push Payments (APP). There are concerted efforts to help with APP risks and all aspects of financial controls are currently being reviewed. Controls like fraud technology, fraud prevention regulations focused on consumers and financial institutions, and the role third-parties can play in combatting cybercrime in the financial sector.