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Public Wi-Fi and identity theft

Posted by on 2:17 pm in Common fraud against people, Finance issues, Mobile Fraud | 0 comments

Public Wi-Fi and identity theft

Many of us think nothing of using public Wi-Fi networks to catch up on emails, browse the web or check social media. However, you could be inadvertently giving away more information than you think. Many opportunistic criminals hack public Wi-Fi systems or even create their own networks to access people’s passwords and other private information. Action Fraud, the City of London Police, Cifas and Equifax have launched a new campaign tackling identity fraud, using the hashtag #AreYouOneOfThem. A YouGov survey commissioned by Equifax...

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More travellers are falling victim to holiday fraud

Posted by on 12:41 pm in Common fraud against people, Finance issues, Future fraud | 0 comments

More travellers are falling victim to holiday fraud

Action Fraud, the UK’s national fraud and cyber-crime centre, estimates that in 2016 approximately £1,200 was lost per person as a result of holiday fraud. The number of reported cases continues to rise by 20 per cent year-on-year, increasing from 4,910 in 2015 to 5,826 last year. The report also states that 26 per cent of victims say that fraud has had a significant impact on their health and financial well-being. There are many different aspects of holiday fraud, the most common of which involve: Airline tickets: illegitimate websites...

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New campaign to raise awareness of fraud

Posted by on 9:59 am in Common fraud against people, Finance issues | 0 comments

New campaign to raise awareness of fraud

Financial Fraud Action UK (FFA UK) has announced the launch of its new Take Five campaign which aims to raise awareness of fraud and provide practical advice for consumers. The scale of fraud in the UK is growing. Official figures released by FFA UK reveal that the overall scale of financial fraud in 2016 was £768.8 million, an increase on the £755 million lost in 2015. This equates to the UK economy losing more than £2 million each day as a direct result of fraudulent activity. The purpose of the Take Five campaign, which is supported by...

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Telecommunications: the battle against fraud

Posted by on 11:56 am in Common fraud against people, Finance issues, Future fraud | 0 comments

Telecommunications: the battle against fraud

Mobile network operators have long been targets for fraud and revenue risk.  The nature of these companies’ businesses mean they generate significant revenues.  If revenues are significant, as is the risk of fraud. What frauds should network operators be aware of? And, more importantly, how can they combat them? The Communications Fraud Control Association’s (CFCA) annual fraud survey provides telecoms fraud managers with an assessment of the key revenue threats from fraud.  The latest survey identified the top five frauds being...

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European Commission toughens laws on OTT providers

Posted by on 11:20 am in Common fraud against people, Finance issues, Mobile Fraud | 0 comments

European Commission toughens laws on OTT providers

In recent years, over-the-top (OTT) providers such as Viber, WhatsApp and Skype have steadily increased their presence in the market and their popularity with consumers.  Until now, OTT applications have been able to offer users free calling and messaging services via the internet with very little restriction and regulation compared to traditional telecoms companies. Having conducted a review of the current ePrivacy Directive, the European Commission found that, although its objectives and principles remain sound, there have been important...

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TalkTalk customers are victims of fraud – AGAIN

Posted by on 10:37 am in Common fraud against people, Finance issues, Mobile Fraud | 0 comments

TalkTalk customers are victims of fraud – AGAIN

In October 2015, TalkTalk suffered a “significant and sustained cyber-attack” that resulted in up to four million customers having their personal data stolen—including bank account numbers, sort codes and credit card details. It remains one of the worst cyber-attacks suffered by a British telecommunications company in recent history. However, it appears fraudsters have struck again. This time, TalkTalk customers in the UK have been targeted by an industrial-scale fraud network in India. Reports suggest that more than 60 employees working...

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Barclays to introduce new tracking measure to combat fraud

Posted by on 10:59 am in Common fraud against people, Finance issues, Future fraud | 0 comments

Barclays to introduce new tracking measure to combat fraud

Barclays has pledged to introduce a new tracking service for UK customers that aims to stop stolen accounts being accessed abroad. The opt-in service will track a customer’s location using their mobile phone’s GPS signal and allow bank staff to check if someone is in the same country as their debit or credit card. By having access to this information, Barclays is looking to root out fraudulent transactions and prevent cards being blocked when they have been legitimately used. The latest figures from Financial Fraud Action UK show that...

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Key fraud issues service providers need to know about

Posted by on 10:47 am in Common fraud against people, Finance issues, Future fraud, Revenue assurance, SIM box fraud | 0 comments

Key fraud issues service providers need to know about

The Communications Fraud Control Association’s  (CFCA) annual fraud survey provides telecoms fraud managers with an assessment of the key revenue threats from fraud.  The latest survey identified the top frauds committed against service providers. $10.76 B (USD) – International Revenue Share Fraud (IRSF) International Revenue Share Fraud has been an issue for more than a decade.  It relies on a fraudster partnering with a network service provider that charges high rates for call termination.  The fraudster then makes lots of very...

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Government to invest £1.9 billion to improve UK cyber-security

Posted by on 10:11 am in Finance issues | 0 comments

Government to invest £1.9 billion to improve UK cyber-security

The UK government has pledged to invest £1.9 billion to improve the UK’s cyber-security defences over the next four years, in a bid to stop UK businesses from falling victim to widespread cyber-attacks. The latest research from the National Fraud Intelligence Bureau (NFIB) reports that cyber-attacks have cost the UK economy almost £11 billion in losses during the last 12 months.   Speaking at Microsoft’s Future Decoded event in London, Chancellor Phillip Hammond said: “If we want Britain to be the best place in the world to be...

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Fraud damaging UK economy

Posted by on 10:56 am in Common fraud against people, Finance issues, Future fraud | 0 comments

Fraud damaging UK economy

A report commissioned by the National Fraud Intelligence Bureau (NFIB) and fraud prevention group Get Safe Online has revealed from April 2015 to April 2016, cybercrime cost the UK economy a staggering £10.9 billion. The loss equates to £210 for every person over 16 living in the UK, however, it is feared the actual scale of cybercrime is much more. More than a third of respondents admitted they had not reported incidents of fraud, with experts predicting the true extent of losses is likely to be nearer £523 per person. At a time of...

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