3rd annual e-Crime Fraud Forum
London, 7th March 2018
“Banking fraud is the biggest cyber crime in the UK, accounting for two in every five of the nearly six million online crime incidents recorded over the past year,” UK ONS
“The figures for 2016 tell us … that we can expect more super frauds as challenging economic circumstances place pressures on businesses and individuals and as technology becomes more sophisticated,” Hitesh Patel, UK forensic partner at KPMG
The value of alleged fraud cases reaching U.K. courts totalled more than £1.1 billion ($1.36 billion) in 2016. The amount of available data is giving fraudsters the tools to create ever cleverer ways to steal or create synthetic identities. And as genuine customers buy more goods and apply for more financial products using online and mobile channels, the opportunities to create fake transactions across financial services, insurance, government, healthcare or e-commerce are multiplying.
Tackling the rapidly evolving methods used by digital criminals, while allowing genuine transactions to continue unhindered, requires increasingly innovative technologies and processes across fraud detection and prevention, in data analytics, forensics and investigations.
A particular issue for many organisations is outdated enterprise data and fraud management systems. Because these can still rely on manual sampling and lack the flexibility to build in sophisticated rules and models, and focus on individual transactions rather than histories and behaviours, they fail to stop new fraud types getting through as well as blocking too many genuine customers.
Transactional card fraud and payment fraud are still among the most damaging, but don’t forget that, as the latest report from Kroll makes clear, employees past and present, as well as freelancers and contractors, are still a key group of perpetrators. So prevention systems must be able to cope with both the internal and the external threat vectors and the different methods of deception required by each.
The 3rd e-Crime Fraud Forum will look at the latest in fraud prevention and mitigation. There will be real-life case studies, strategic talks and technical break-out sessions from law enforcement, government and the fraud teams behind some of the world’s most admired brands, who know, just like you, that fraud is now a critical threat to business.