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Take Five for Frauding

posted on: Fri Sep 23 2016

How FFA UK’s new campaign helps consumers and companies alike to combat the war on fraud

Kount is pretty handy when it comes to protecting the payments industry from fraud, and, with our recent addition of two new patents for enhanced online user verification, we’re bolstering our defenses all the time.   

That being said, the war on fraud is escalating every day. Fraud in the UK payments industry has leapt 53% in a year, a financial scam occurred once every 15 seconds between 1 January and 30 June 2016, and cybercriminals are working in more sophisticated and collaborative ways than ever before.

It’s never been more crucial for the good guys to band together.

Perfect timing then for the launch of Financial Fraud Action (FFA) UK’s ‘Take Five’ campaign this week, an educational initiative to help the UK population protect themselves from preventable financial fraud.

take-five

Take Five, backed by law enforcement, financial services providers, and major banks including Santander, asks consumers to stop and think when involved in a potentially fraudulent situation, and remember five key actions:

  1. Never disclose security details, such as your PIN or full password – it’s never right to reveal these details.
  2. Don’t assume an email request or caller is genuine – people aren’t always who they say they are.
  3. Don’t be rushed – a bank or genuine organization won’t mind waiting to give you time to stop and think.
  4. Listen to your instincts – if something feels wrong then it is usually right to pause and question it.
  5. Stay in control – have the confidence to refuse unusual requests for information.

But what does this mean for business and retail? Well, with comparethemarket.com’s recent survey suggesting that more than four in 10 people have needed to cancel credit or debit cards after falling victim to fraud in the last year, Take Five’s recruitment of 65.1 million+ amateur fraud fighters in the UK is no bad thing.

This is because scams that affect consumers are likely to affect your business later down the line. Phishing, phone, email, and CEO spoofing scams can all trick unknowing consumers into entering their financial and personal details, right into the hands of a fraudster.

These stolen details can then be used to purchase goods from a retailer, beginning the long and frustrating chargeback process that leaves the retailer out of pocket.

Fraud affects consumers and businesses alike, so both have a responsibility to fight it. Initiatives like Take Five are a crucial step to equipping the entire nation with the tools and expertise to combat cybercrime.

Consumers can prevent stolen details from circulating amongst criminal networks by heeding the plea for vigilance from campaigns such as Take Five, and businesses can ensure that their anti-fraud technology is up-to-speed and fit-for-purpose.

With Kount’s eBook on how merchants can prosecute fraudsters available now, the time is right to take the fight to the fraudsters. Visit Kount.com today to see how we are leading the line.   

Prosecuting the Perps

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