The Office for National Statics (ONS) has reported that fraud crime in England and Wales has hit 3.3million in its latest statistical bulletin.
Responding to the reportt John Cannon, Commercial Director Fraud & ID, Callcredit Information Group, said: “Today’s ONS statistics, reveal that there were 3.3 million incidents of fraud in England and Wales alone, and over half of these (1.9 million incidents) were cyber related. This leaves little doubt that fraud is now one of the main threats facing UK business. An unsurprising but worrying state of affairs considering the rapidly growing dependence on technology. Businesses are struggling to keep up with the constantly evolving fraud threat and are trying to use technology to tackle the problem.”
“Systems are only ever as strong as their weakest link. Though convenient for consumers, single point verification isn’t the answer in terms of providing an end to end security process. It cannot be relied on as the only security measure for digital channels. If, for example, your fingerprint fails, your iPhone then asks for your pin, therefore it cannot be any more secure than the pin or password it purports to replace.
“Organisations should leverage a range of technologies as part of two-factor authentication, alongside, for example mobile or email verification. This will enable them to increase customer authentication rates whilst ultimately reducing fraud, all the while providing a seamless customer experience.”