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Yahoo
13-06-2025
- Business
- Yahoo
Fraud is evolving, and so must we
With fraud now the most prevalent crime in the UK, and attempts continuing to increase, as reported by the Office of National Statistics (ONS) with a 19% surge over the last year, the urgency for immediate action is apparent. Yet, despite UK Finance recording 3.31 million instances of fraud in 2024, the UK remains a global leader in reducing fraud losses. The industry prevented £1.14bn of unauthorised fraud last year, equivalent to stopping 67p for every £1 a fraudster tried to steal, and reimbursed customers for 98% of all unauthorised fraud. There is no time for complacency, however. Criminals are always among the first to embrace new technologies, ceaselessly innovating, and evolving their tactics. The industry must act now, collaborating on preventive strategies to protect consumers proactively. Success in preventing Authorised Push Payment (APP) fraud – with case volumes dropping in 2024 to their lowest level since 2021 – has led fraudsters to seek fertile new grounds for attack. Remote purchase fraud, for example, has surged, while pressure for the Single European Payment Area to adopt real-time cross-border payments presents a significant opportunity for criminals to abuse. The UK's success in mitigating fraud and reimbursing customers is no reason to stop adapting. Fraud is often just as emotionally damaging as it is financially draining, with a Lloyds Banking Group survey last year finding more than two-thirds of fraud victims suffered negative psychological impacts from the experience. To protect victims from trauma and prevent fraudsters from realising any profits, continuous adaptation and early intervention, not just reimbursement, is needed. Behavioural and device intelligence – including keystroke and mouse activity, touch screen behaviour, and physical device attributes – empowers banks to recognise and stop fraud in real-time, before any money leaves a would-be-victim's account. Banks cannot do this alone, however. They are often the last line of defence. Fraud typically begins upstream, with phishing, fake ads, and scam calls occurring on social media and other online channels. Other sectors need to bear some responsibility for the origins of these attacks and adopt the same commitment to fraud prevention as their financial services counterparts. Regulators must also hold those other sectors accountable. The Online Safety Act, while a step in the right direction, has fallen short of enforcing responsibility among tech giants. The government's future strategy must provide direction and incentives to ensure collaboration between the tech, telecoms and banking sectors. International examples provide a blueprint. In Australia, for example, banks are now working together as part of the world's first behaviour-based financial crime intelligence-sharing network, discussing fraud prevention strategies, new intelligence, and potential risks. With well-designed regulations and the motivation to collaborate across sectors, we as a society can better innovate and devote more resources to the fight against fraud. Public awareness also plays a crucial role. Australian banks, through their financial crime intelligence network, are supporting customers in actively identifying risks, and the National Australia Bank (NAB) alone has reportedly stopped around $50m of payments by customers within just two months. This outcome highlights the importance of public awareness in preventing fraud and encourages more proactive customer behaviour. While public awareness is crucial, it's equally important to strike a balance in educating people about the risks of fraud without discouraging them from using digital services. Reduced reliance on technology can lead to lower efficiency and productivity, as well as higher costs, ultimately harming innovation, investment, and economic growth. Getting this balance right is essential. Even with collective action, we cannot eliminate fraud, but we can disrupt, deter, and make it unprofitable for criminals. By fostering collaboration across the financial services sector, technology, telecoms, government, and society, we can transition from a reactive to a proactive approach, creating friction for fraudsters while reducing friction for consumers. Jonathan Frost is Director of Global Advisory for EMEA at BioCatch "Fraud is evolving, and so must we" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Daily Mirror
03-06-2025
- Business
- Daily Mirror
Brits face £100million in ticket scams this summer if resale price caps hit
Experts have warned that the UK Government's proposal to cap resale prices could end up playing straight into the hands of scammers as fans turn to risky ways to get tickets Experts have warned that Brits could be conned out of £100million in ticket scams this summer alone, if price caps are introduced on ticket resales. Data from the National Fraud Intelligence Bureau, Action Fraud and the National Crime Agency revealed that ticket fraud across England and Wales cost a staggering £70 million in 2024. This year, the figure could skyrocket to £280 million, as anticipation builds around Glastonbury, Wimbledon, and the eagerly awaited Oasis tour. More than a third of scams, amounting to £100 million, are expected to occur in the next few months if price caps plans are imposed. The data comes from Bradshaw Advisory and independent research by anti-fraud organisation We Fight Fraud. They suggest that scams could quadruple if price caps are introduced. They warn that the UK Government's proposal to cap resale prices could inadvertently aid scammers, making it easier for fraud to thrive as desperate fans resort to riskier methods to secure tickets. Dave Eborne, head of fraud operations at Revolut, commented: "We know that highly anticipated events, like concerts and sports matches, can become a target for unscrupulous criminals preying on enthusiastic fans. "Especially with sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand." He added: "The idea that a potential ticket could disappear quickly encourages people to act fast without thinking – but it's vital that consumers look for tell-tale warning signs before handing over their hard-earned cash. "As We Fight Fraud's research shows, banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud." Research indicates that Ireland and Victoria, Australia - two regions that have introduced price caps - have seen a significant surge in reports of ticket fraud. The Bradshaw Advisory highlighted that in Ireland, where price caps are in place, 13.6% of fans reported being scammed - a figure more than triple the UK's rate of 3.8%. There could also be broader implications. Since October 2024, UK banks have been obligated to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. Dr Nicola Harding, from We Fight Fraud, said: "Price caps don't stop fraud - they multiply it and we could see live event fans defrauded to the tune of £100 million this summer. "Smart, transparent regulation of the resale market, and robust consumer education on the warning signs of ticket scams, are the only real solutions to protect fans." TOP TIPS TO AVOID AND SPOT A TICKET SCAM Purchase tickets only through a legitimate and regulated platform. If you are unsure of a website's legitimacy, you can check it by using Get Safe Online's Check a Website tool. Cover yourself: Ensure platforms offer fan protection with a guarantee should anything go wrong. Resist the hard sell and social media: Getting in-demand tickets can feel like a race against time but don't let individual sellers pressure you into a quick purchase. Avoid buying tickets on social media where many sellers are unverified, increasing the risk of scams or counterfeit tickets. Verify the venue and date: If the event is taking place at a venue unknown to you, then confirm its existence through online maps and look for independent reviews. Once you have done so, search the original live event announcement or schedule on the artist or team's website to make sure dates and location align. Price check reality: If a deal seems too good to be true, it probably is. Avoid suspiciously cheap tickets.
The Irish Sun
03-06-2025
- Business
- The Irish Sun
Brits face losing £100million in ticket scams this summer if resale price caps are introduced, experts warn
BRITS could be ripped off by £100million in ticket scams this summer alone if price caps are introduced on ticketing resale – as fraudsters target the biggest events of the year, experts have warned. Figures from the National Fraud Intelligence Bureau, Action Fraud and the National Crime Agency revealed ticket fraud across England and Wales cost £70million in 2024. 3 ticket scams soared by 40 per cent ahead of Taylor Swift's London gigs last August Credit: Getty 3 Ticket fraud across England and Wales cost £70million in 2024. Credit: Getty But this year, the figure could rocket to £280million, with potentially more than a third of scams expected to hit in the next few months– £100million – if price caps are imposed as excitement builds around Glastonbury, Wimbledon, and the long-awaited Oasis tour. The findings come from Bradshaw Advisory and independent research from anti-fraud organisation We Fight Fraud, which says scams are likely to quadruple, should price caps be put in place driving consumers to unregulated platforms and risky social media sites. It follows data from Revolut which showed ticket scams soared by 40 per cent ahead of Taylor Swift's London gigs last August. Experts say the UK Government's proposal to cap resale prices could end up playing straight into the hands of scammers – making it easier for fraud to flourish as desperate fans turn to riskier means of securing tickets. Read more on News Dave Eborne, head of fraud operations at Revolut, said: "We know that highly anticipated events, like concerts and sports matches, can become a target for unscrupulous criminals preying on enthusiastic fans. 'Especially with sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand. 'The idea that a potential ticket could disappear quickly encourages people to act fast without thinking – but it's vital that consumers look for tell-tale warning signs before handing over their hard-earned cash. 'As We Fight Fraud's research shows, banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud." Most read in The Sun The research points to data from Ireland and Victoria, Australia - two regions that have introduced caps and seen significant increase in reports of ticket fraud. The Bradshaw Advisory identified in Ireland, where price caps exist, 13.6 per cent of fans reported being scammed - more than three times the UK's 3.8 per cent rate. And there could be a wider impact as well, as since October 2024, UK banks have been required to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. Dr Nicola Harding, from We Fight Fraud, said: 'Price caps don't stop fraud - they multiply it and we could see live event fans defrauded to the tune of £100 million this summer. "Smart, transparent regulation of the resale market, and robust consumer education on the warning signs of ticket scams, are the only real solutions to protect fans." TOP TIPS TO AVOID AND SPOT A TICKET SCAM Do your homework: Purchase tickets only through a legitimate and regulated platform. If you are unsure of a website's legitimacy, you can check it by using Get Safe Online's Check Cover yourself: Ensure platforms offer fan protection with a guarantee should anything go wrong. Resist the hard sell and social media: Getting in-demand tickets can feel like a race against time but don't let individual sellers pressure you into a quick purchase. Avoid buying tickets on social media where many sellers are unverified, increasing the risk of scams or counterfeit tickets. Verify the venue and date: If the event is taking place at a venue unknown to you, then confirm its existence through online maps and look for independent reviews. Once you have done so, search the original live event announcement or schedule on the artist or team's website to make sure dates and location align. Price check reality: If a deal seems too good to be true, it probably is. Avoid suspiciously cheap tickets. 3 Ireland and Victoria, Australia have introduced caps and seen significant increase in reports of ticket fraud Credit: Getty
