Partner Article

Protecting your business against fraud on the frontline

Recent research by the Financial Fraud Action UK (FFA UK) found that five million frauds occur every year across England and Wales, costing the UK around £24bn. While these figures are high, this is only part of the picture. Fraud, particularly via the phone channel has increased by 92% in the last 12 months. The reason for this is that this channel has traditionally been overlooked in terms of protection as organisations have focused on their cyber defences.

If you think about how online security has matured in the last decade, this line of defence has grown stronger as attacks have become more sophisticated. Phone security to date however, has lacked the innovation, education and sophistication needed to protect customers and subsequently has become the weakest line of defence. Fraudsters are proving successful as they use cross channel tactics to commit these attacks. Without the right authentication and fraud detection in place, consumers and organisations will continue to get duped, particularly as the boundaries between phone and online continue to blur.

This was posted in Bdaily's Members' News section by Matt Peachey .