Latest opinions that Andy Morris has shared on Finextra

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Andy Morris

Risk Business Solutions Consultant

ACI Worldwide

Member since

12 Dec 2008

Location

Watford

View Andy Morris's full profile

Andy's opinions

One step forward and two steps back for Fraud in the UK

Disappointingly, judging from the recent latest round of fraud statistics,[1] it looks like the UK is back on the naughty step in terms of countries with the highest fraud losses. New figures released by Financial Fraud Action UK (FFA UK) show that levels of card and online banking fraud rose during 2013, with fraud losses on UK cards totalling £4...

17 March 2014 /security /payments

What do EMV, payments fraud and the Top 40 have in common?

Pause for thought…….quiz time. Can you remember who topped the UK charts on the 14th February 2006? Now, can you also remember what was the main business driver behind the UK’s move to the EMV standard of “chip and pin,” which also coincidentally was the same official launch date (14th February 2006)? Well let me put you out of your misery. It was...

10 October 2013 /security /payments

Give mobile a chance

Mobile bared the brunt of some bad press this week. Firstly, the story that NFC could be compromised through a new app, secondly the charger that could penetrate the iOS operating system and thirdly the emergence of a new breed of consumers labelled as “paynuphobics” – purportedly 26% of adults who are scared to use online and mobile because of se...

07 June 2013 /payments

Shock and Awe - NFA Fraud indicator puts fraud at 73bn GBP

For those for you that have been tracking the NFA’s last estimate was £38.4bn, but the rise is really buried in the detail and largely attributed to the NFA casting their net on UK PLC a little wider and completing more granular analysis. There is also some interesting comparative finger point for example UK Government sector at £20.3bn, whilst U...

04 April 2012 /payments /regulation

Is the War on Fraud being won?

Two sets of industry statistics were published this week, with different and conflicting information: BBC quoted statistics from the UK Card Association that plastic fraud losses were down by 7% to £341m, attributed to 41% fall in fraudsters impersonating card holders. Whilst CIFAS reported increase in Account takeover up 18%, account misuse (first...

07 March 2012 /security /payments

Fraud around every corner?

The latest round of industry statistics paints a bleak picture of UK fraud. CIFAS’s latest report identified a 9% growth in fraud, whilst also highlighting an 18% growth in account takeover related fraud, and 13% for misuse of facility fraud (first party fraud). This comes of the back of last year’s National Fraud Authority report that recognize...

30 January 2012 /security /payments

There's more than one victim here

It is worthwhile remembering that there is actually more than one victim involved in Direct Debit fraud. The Paying Bank executes the payment against a fraudulent direct debit mandate, and the Collecting Bank receives the fraudulent payment, whose customer provides goods and services - for simplicity let's assume they are in fact legitimate in the...

23 November 2010 /security /regulation

The rise of first party fraud

First party fraud continues to be a challenge facing institutions and is, arguably, a necessary evil of doing business for institutions today. However, this also can prove problematic when also trying to balance regulatory and consumer pressure to treat customers fairly. Here the advantage tips in favour of the fraudster: how do institutions mana...

22 July 2010 /security

Avoid the virtual trap

In today’s financial climate in which banks’ credibility has already taken a hit, any further reputational damage needs to be avoided at all costs. While financial institutions have come a long way in ensuring measures are in place to tackle money laundering, the class action taken against NatWest in the US by victims of a terrorist attack in Isra...

03 July 2009 /security /payments