Ahead of its annual Fraud Summit on June 7, the credit checking agency Callcredit Information Group reports that over half (59pc) of businesses predict a serious fraud incident or security breach within the next year if they continue with their technology, processes and tools. A further 17pc of those surveyed revealed that this is something they have already experienced.
Summit speakers in London include Toni Sless of Fraud Women’s Network; Gareth Bentley, Secure Trust Bank; and Mark Cheeseman, Cabinet Office; besides Mike Gordon, Chief Executive Officer and others at Callcredit.
The survey, which asked 105 fraud prevention managers and directors about their attitudes and techniques, also found that fraud prevention priorities have shifted since 2017. This year, one of the biggest focuses in the fight against fraud is developing a fraud response strategy, according to 91pc of those surveyed, compared to 80pc last year.
John Cannon, Managing Director, Fraud & ID, Callcredit Information Group, said: “Our research suggests that for most businesses, a security breach is now considered an almost inevitable occurrence, so it’s no surprise that fraud leaders see prevention as the key tactic in the fight against fraud. It’s encouraging to see that businesses are increasingly adopting robust prevention tactics, but the challenge is far from over.
“With the ever-evolving fraud threat, businesses are having to continually adapt their strategies to tackle the problem. Technology plays a central role in that, and is constantly developing, with cutting-edge techniques like machine learning and artificial intelligence complementing more traditional methods. In fact, over half of the fraud leaders we surveyed (58%) believe machine learning and pattern-recognition will be vital to our future fraud prevention activities.”
The research suggested a significant uplift in adoption of identity verification measures and fraud prevention software, with 90pc of those surveyed stating these were amongst their top priorities this year. Compliance with the latest regulation also remains a key focus for nine out of ten, as they adapt to the changing landscape and more stringent regulatory requirements.
Cannon added: “Collaboration is essential when it comes to fighting fraud. Businesses need to come together to share insights and best practice across all sectors if they want to stay a step ahead of the fraudsters. Ongoing fraud has had a damaging impact on trust in businesses and it’s now crucial that they work to win back consumer confidence, so they need a broad understanding of the tools that are available to ensure they are keeping their business, and their consumers’ data, safe.”
