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Online fraud – an unrelenting, unforgiving battleground…
The recent release of the annual UK fraud figures describes an interesting picture of some successes and some areas for continued concern and renewed action. First, the headline successes. Fraud conducted in the face-to-face retail environment continues to show a healthy decline trend (down 14% on the previous year) with card ID theft (down 19%) [...]
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PayPal fined £5.2m over failure to block malicious users
In an embarrassing moment, PayPal has been forced to pay a £5.2 million ($7.7 million) settlement over alleged sanctions violations including allegations that it processed payments for a man involved in the black market for nuclear weapons technology. PayPal, which is owned by eBay, is alleged to have facilitated thousands of pounds worth of transactions involving [...]
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Middle aged men most likely fraud victims
Recorded fraud victims increased by 25% last year, according to the latest report from the UK fraud prevention service, Cifas, published today. In total there were 276,993 frauds recorded in 2014, compared to 221,075 in 2013. The single biggest threat continues to be identity fraud – 41% of all frauds recorded in 2014 fall into [...]
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Digital tipping point: Banks must focus on innovation to harness opportunities
A major new report sets out key recommendations for the banking industry and urges regulators to give consumers certainty that their money is equally well-protected wherever they choose to bank. Banks must concentrate on harnessing a range of digital technologies or risk losing customers to a new wave of competitors, according to a new report [...]
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Target settles data breach for $10 Million
Target is said to be preparing to settle a class-action suit over its 2013 data breach by paying $10 million to set up a fund for breach victims, who will each qualify to receive up to $10,000 in compensation. Criminals compromised as many as 40 million accounts that affected as many as 110 million people. [...]
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