Fraud campaigns are creating a trust issue for businesses

For a consumer to lose trust in a business, all it takes is for a scammer to attempt to impersonate the brand. The scam doesn’t have to be affiliated with the business in any way, and the attacker doesn’t even have to be successful in their attack, but the company will still suffer. This is according to a new report …

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How to weather Covid’s perfect storm of insurance fraud – Decisions, decisions, decisions…

The pandemic has hit insurers hard. Despite lower claims volumes due to reduced crime, and fewer cars on the road, the sheer financial and reputational cost of Covid-19 has been enormous for the industry as a whole: since March 2020, Lloyds of London has made a loss due to £6.2 billion in Covid-related payouts. Now the industry needs to ready …

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Business email compromise more costly than most other fraud attacks combined

Business Email Compromise (BEC), a type of cyber-fraud in which attackers use compromised email accounts to launch attacks on businesses, is growing both more popular among cybercriminals and more devastating. This is according to a new report from TradingPlatforms.com, which claims that BEC was more costly than most other frauds combined in the US last year. In 2020, the FBI’s …

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Online fraud should be seen as a ‘national security issue’

Fraud in the UK has become an epidemic and is damaging businesses, the country’s image and the public purse, the Royal United Services Institute (RUSI) has claimed. The think tank says the country loses approximately $260 billion each year to fraud, the crime UK citizens are most likely to fall victim to. Fraud against the public sector results in up …

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