Friday, 17 March 2017

Financial Fraud Costing UK GBP 2-million a Day

In 2016, the UK lost GBP 2 million each day as a result of financial fraud, according to official figures released by Financial Fraud Action UK (FFA UK) yesterday. The figures show the overall scale of financial fraud was GBP 768.8-million, an increase on the GBP 755-million lost in 2015.

The figures are published as all major banks and key financial services providers across the UK come together for the first time for a national day of action to raise awareness of how everyone can protect themselves and their loved ones from financial fraud. The day, part of the Take Five campaign, will see dedicated activity up and down the country, including many branches opening five minutes early. Staff in more than 6,800 bank branches will talk directly, and through other routes, to their customers and encourage them to take the time to talk to five others about the simple steps they can take to protect themselves from financial fraudsters.

Commenting, Katy Worobec, Director of FFA UK, said: "Tackling financial fraud is a priority for our members and a great deal of progress continues to be made. However, as today's figures highlight, this remains a significant problem with fraudsters using increasingly sophisticated methods to circumvent bank technology and target victims. While the payments industry stops 6 in every 10 pounds of attempted fraud, it cannot solve the problem alone. Collective action is needed with banks, police and customers all playing their part. I hope today, on Take Five Day, customers will take the opportunity to find out how they can help better protect themselves and their loved ones from falling victim to financial fraudsters."

WePay Doubles Down on Apple Pay, Android Pay Mobile Revenue Drivers

WePay has announced that its customers can now use Apple Pay and Google's Android Pay on the Web to generate dramatically more revenue on their sites.

These newly integrated payment methods address the single biggest challenge affecting mobile conversion today: poor web experiences that have consistently made it difficult to check out online.

When customers are forced to enter tedious payment and shipping information on their small screens, conversion rates plummet. In fact, mobile commerce sales now represent nearly 30% of all US ecommerce and are continuing to grow fast, yet checkout conversion rates on the mobile web are just one-third of desktop rates according to Adobe Digital Insights. In other words, the vast majority of these mobile web transactions are abandoned, causing businesses to lose money each and every day.

WePay's launch of the Apple Pay and Android Pay products means platform customers can now pay for goods and services with just a single touch; gone are the days of having to manually enter payment and shipping information at checkout.

ABTA Website Hit by Cyber Attack

The travel organisation, ABTA is the latest victim of a cyber-attack which may have affected approximately 43,000 people. The hack happened on the 27th February and it is estimated around 1,000 files were accessed, which may include individuals personal identity information.

David Emm, principal security researcher, Kaspersky Lab commented: "The cyber-attack on the website of ABTA, the travel trade body, is the latest targeting high profile organisations that could possess personal information of thousands, millions or even billions of members (as was the case with the Yahoo hack). In the case of ABTA, hackers may have gained access to members' e-mail addresses and passwords. ABTA has indicated that the passwords were encrypted, so hopefully the attackers will not be able to make use of them - although ABTA is taking the sensible precaution of advising customers to change their passwords to be on the safe side. Such an attack highlights the importance of providers securing passwords effectively. It's also important that we all choose sensible passwords to online accounts".

Focus on Cyber at Security & Counter Terror Expo 2017

Leading event returns to London in May with a programme created to help those tasked with keeping nations, assets and businesses safe

Writing recently in the Sunday Times, Ciaran Martin revealed that Britain's security has been threatened by 188 high-level cyber-attacks in the last three months, most of which threatened national security.

This year's Security & Counter Terror Expo - which will run from 3-4 May at Olympia London - will feature the Cyber Threat Intelligence conference, providing security professionals with a platform to discuss the evolving cyber threat. Answering questions posed by the industry, debating the challenges presented across the cyber spectrum and detailing best practice responses, experts from across the globe will help protect assets and civilians from future attacks.

The two-day programme begins with 'The ENISA Threat Landscape 2017', an independent analysis of the top cyber threats and emerging trends this year that will be presented by Dr. Louis Marinos, NIS R&A expert. Following this, Paul Thorlby, CTO at Qinetiq, will identify ways the industry can close the cyber skills gap and develop a pathway for the next generation of experts.

Talal Rajab, techUK's Head of Programme, Cyber, National Security, said: "The cyber terrorism threat grows immeasurably year-on-year and we as an industry, must grow, adapt and react in equal measure. Security & Counter Terror Expo provides the opportunity to learn from and meet with some of the key figures in the sector addressing the most important issues we face today."

In addition to this, the latest advances in cutting-edge technology will be showcased alongside strategic developments from industry figureheads.

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