2018 is soon to be behind us, and so, as December comes to a close, it’s time to reflect back on the world of fraud this past year.
Who’s on the Naughty List?: The fraud issues that have dominated 2018
Planet of the ATOs:
Over the past 12 months, we’ve seen an increase in account takeover attempts (ATOs) and mobile fraud, leading to a major rise in card-not-present fraud. So what has caused this problem?
The large number of high-profile data breaches in the EU and North America in 2018, such as the hacks of British Airways, Facebook and HSBC may well have been the source of this issue. These large-scale breaches saw the personal details of millions of consumers fall straight into criminals’ hands – and so account takeovers surged within the fraud industry.
Always protect your passwords:
We’ve also seen ongoing lapses in personal security from consumers. A poor understanding about the importance of keeping their log-in details safe means that far too many members of the public subsequently risk falling prey to fraudsters.
The General Data Regulation Protection (GDPR) came into effect this year, but while it was designed to protect personal data, its introduction has played a part in boosting identity theft figures. In the weeks and months after the implementation of the new regulation, a significant number of fraudsters contacted companies and requested the deletion of personal data from accounts they have previously used fraudulently in order to re-register using the same false identities.
Who’s on the Nice List?: The methods businesses need to make their New Year’s Resolutions
A good fraud prevention system is second-to-none when it comes to dealing with all the above, from reducing ATOs to navigating new regulations.
At RISK IDENT we offer a range of combative methods to ensure businesses and customers don’t get any unwanted gifts this holiday season. To find out how you can stay on top of the latest fraud trends in 2019, contact us at: firstname.lastname@example.org