Counter-fraud

Practical applications for finding fraud in a business scenario

The Covid-19 outbreak has meant that industries across the board have had to adapt to different ways of operating while countries around the world are in lockdown.

Last week, the government launched its Test and Trace service, aimed at contacting those who may have come into contact with someone with coronavirus symptoms.

https://fullfact.org/online/test-and-trace-scam/

Digital identity and payments venture Nuggets has launched a solution which, it says, will help retailers tackle mounting fraud and chargebacks fuelled by the Covid-19 outbreak. 

https://retailtechinnovationhub.com/home/2020/6/1/nuggets-tech-tackles-coronavirus-chargebacks-and-fraud

The current crisis, with furloughed teams, remote working and management preoccupied with protecting the business, presents the perfect conditions for fraudsters.

As digitalization has transformed businesses the ever-present threat of fraud has grown exponentially. However, banks and their users are increasingly realizing that using chat platforms to manage and mitigate fraud offers them immediate and significant gains.

https://www.finextra.com/blogposting/18809/managing-fraud-through-chat-is-better-for-businesses-and-users

The coronavirus crisis has seen a rise in many different types of fraud, and while some authorities are prepared to give leeway on certain risk mitigation activities, businesses need to ensure they remain alert to current and future risks.

https://www.osborneclarke.com/insights/covid-19-leading-rise-fraud-economic-crime-risks/

Individuals need to be aware that they are now more vulnerable to fraud, particularly of the online type, which means that more vigilance is needed.

https://www.weightmans.com/insights/covid-19-the-increased-threat-of-fraud-and-how-to-deal-with-it/

Cloud based payment processor Paymentology has launched its new Instream Fraud Scoring model which aims to improve the identification and blocking of fraudulent activity at point of sale on card usage, by more than 30%.

https://thefintechtimes.com/catching-fraud-at-point-of-sale-through-new-card-scoring-model/

Whistleblowers are unveiling fraud committed by UK employers that have used the furlough scheme to make large sums of money by falsely claiming employees are on furlough.