Retail Services - Dealing with cyber attacks

Selling online? Robert Capps, VP Business Development at NuData Security puts himself in the consumer’s shoes to look at the risks of fraud, and explains how entity linking may have fraudsters on the run.

While we can all agree that it’s good to see growth in the economy, lower prices and improving consumer confidence (especially following Brexit), we always look at this kind of progress with mixed feelings.

The parasitical nature of fraud is that it follows its host. At the risk of sounding like party poopers, accompanying these growth numbers is the inevitable rise in fraud. Much of this growth will be in the online economy where consumer awareness of risks is questionable at best.

According to the new ACI 2016 Fraud Report, almost one in three UK consumers (29%) has been a victim of card fraud in the last five years, with much of that fraud perpetrated by fraudsters who made online purchases using hacked or stolen card details. Just as chilling, is the figure that a full 17% have been victimised multiple times.