News - Updates and News from 192business

Online merchants vulnerable to mobile fraud

192business — Mon, 06 Feb 2012 12:32:19 +0000

A recent survey by CyberSource has shown that online merchants are not taking adequate provisions to prevent online fraud. Data from the survey showed that only 25% of the merchants surveyed are tackling fraud through their mobile sites.

“38% of merchants now have a dedicated mobile website and 26% have their own app. But just a quarter of those merchants are tracking fraud originating on their mobile site and only 16% are tracking fraud through their mobile apps” said Dr Akif Khan co-author of the report.

The report also highlighted that some 61% of merchants manually check online orders, a reduction of 10% in the last two years. The two major concerns for merchants were the fear of turning away legitimate customers and the time taken the manually review the orders.

For more information about how 192business and our Transaction Decision products please contact us: id@192.com

Money laundering increases in Brazil

192business — Thu, 26 Jan 2012 09:55:00 +0000

Brazilian newspaper O Globo has recently highlighted the increase in money laundering activity in Brazil which has seen over 43,200 people and companies investigated in the last 23 months alone. The number of suspected money laundering cases in 2011 was more than the last four years combined and three-times that of 2009.

The year-on-year increase in money laundering has resulted in Brazil being rated as the fifth most suspicious country in terms of transfer of funds. This places Brazil above tax havens such as Panama, Hong Kong, Afghanistan and the British Virgin Islands.

In 2010 over 3,500 investigations and prosecutions were launched into money laundering according to the Brazilian government. In spite of the number of prosecutions, “there are very few convictions” according to the intergovernmental task force (GAFI/FATF).

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M-commerce transactions to rapidly increase by 2016

192business — Tue, 24 Jan 2012 17:16:00 +0000

The future of m-commerce seems to be bright with two separate reports recently announcing they expect m-commerce transactions to be worth £24 billion by 2016.

Informa have suggested that remote payments for physical goods and services and international mobile money transfers account for two-thirds for the total m-commerce market. They also commented that m-commerce transactions, in emerging markets, are being conducted via SMS.

While Screen Digest IHS predicted that in-app purchases will make up 64% of the total mobile app market revenue by 2015, rising to £3.6 billion.

The senior analyst in mobile media at Screen Digest, Jack Kent commented; “Smartphone users overwhelmingly prefer free apps to paid apps, as we estimate 96 per cent of all smartphone apps were downloaded for free in 2011. In 2012, it will become increasingly difficult for app stores and developers to justify charging an upfront fee for their products when faced with competition from a plethora of free content.”

With such a growth in m-commerce, is it likely fraudsters will be looking to this channel to target next? Let us know your thoughts by joining our Linkedin group

HR executive files for constructive dismissal over LinkedIn CV

192business — Thu, 19 Jan 2012 12:09:27 +0000

HR recruiter John Flexman is seeking a six-figure settlement from his previous employer, after the posting of his CV online led to his resignation.

The events began after he posted his CV on the social networking website LinkedIn and indicated that he was open to new career opportunities. His employers, the BG Group allegedly asked him to withdraw his CV claiming that he was in violation of company policies and charged him with revealing confidential information.

According to the Telegraph Mr. Flexman said: "It seemed to me that the focus of the charge sheet was the posting of my CV online". He defended his actions claiming that the information on his CV was freely available in the company’s annual report. He also claims that over 20 of his co-workers, including the manager of the disciplinary process, have indicated that they are interested in new career opportunities on LinkedIn.

Mr Flexman resigned from his position last June and is filing for constructive dismissal, a hearing is now taking place.

Insurance fraud unit makes its first arrest in its first week

192business — Mon, 09 Jan 2012 10:00:00 +0000

The Insurance Fraud Enforcement Department, run by the City of London Police and funded by the Association of British Insurers, opened for business last week and has already made its first arrest.

A man was arrested on suspicion of fraud by false representation after submitting a claim for £35,000 after alleging his BMW had been stolen.

The insurer-funded police fraud unit has been launched with a 34-strong team and will be reviewing a number of cases following referrals from the insurance industry at the end of 2011.

The Department will act on evidence of motor insurance, commercial and public liability fraud and fight back against the increasing number of small-time ‘opportunistic fraud’ cases as well as organised crime.

City of London Police Commander Ian Dyson, commented: “IFED is here to turn the tide against all those who break the law, dismantling far-reaching criminal networks and changing a culture that says it is ok to submit bogus insurance claims. There is much to be done and there is not a moment to lose.”

Nick Starling, the ABI’s director of general insurance, said: “Insurers are determined to protect honest customers by reducing insurance fraud. This police unit is an important initiative as insurers intensify their crackdown on insurance fraudsters.”

For more information on how 192business can help to prevent fraudulent insurance claims contact us at id@192.com.

What’s in store for retailers in 2012?

192business — Fri, 06 Jan 2012 17:00:35 +0000

With many reports predicting a troubled 2012 for retailers we take a look at what they are also recommending to avoid the gloom.

The KPMG/Synovate study suggests retailers who emphasise on convenience in 2012 will prosper as well as those offering customers bargains and discounts. Tim Denison, of Synovate Retail, commented: “For shoppers, ‘value for money’ will remain lodged top-of-mind, eager to ensure that their lower level of discretionary income is spent wisely. The retailer’s response will continue to focus heavily on promotional activity and on helping shoppers establish justification to buy.”

The Economist Intelligence Unit (EIU) concludes that companies that can offer new ways of shopping to consumers will be in a better position to achieve success in 2012.

Verdict Research and business analytics company SAS predicted 2012 would be a difficult year however highlight loyalty, multichannel and flexible purchasing options as important factors for retailers.

The use of m-commerce is also highlighted by most as a ‘must do’ for 2012. By developing this channel whether this is through mobile payments or creating apps for price comparison or just to view products online it will give the consumer an alternative way to engage with brands. The EIU survey found that 61% of retailers thought that mobile would become a retail channel in its own right in 2012.

To see how 192business can help with fraud prevention and ID verification in 2012, please contact us here: id@192.com

Canadian man uses scanned ID to enter the US

192business — Wed, 04 Jan 2012 16:54:02 +0000

A Canadian man who left his passport at home has successfully crossed the border into the United States using a scanned copy on his iPad.

Martin Reisch from Montreal was travelling to the Vermont over the Christmas period to deliver some gifts, when he realised he had forgotten his passport. He presented his driving licence and his iPad to the border official, who after a close inspection allowed Mr. Reisch to enter the country.

Since 2009 Canadians have been required to supply more than a driver’s licence to enter the US. The incident in question is being seen as an exceptional case although use of scanned ID looks to become more commonplace in the future.

IFB will be “Fighting Fraud Together”

192business — Tue, 03 Jan 2012 16:54:00 +0000

The “Fighting Fraud Together” initiative, which was launched towards the end of 2011, made up of 34 organisations from various sectors including the Insurance Fraud Bureau, will address fraud in the UK.

The various members are made up of industry representatives, the Government, voluntary groups and law enforcement agencies. Each member has agreed to expand successful activities in their sector, share fraud intelligence, and emphasise fraud prevention with the target of disrupting the activities of fraudsters.

The Insurance Fraud Bureau (IFB) has released details of their action plan which will deliver a new strategy and support financial investment needed in the fight against organised crime. The IFB plan to increase their annual industry fraud prevention spend by 0.5% enabling them to employ additional staff to assist their customers to tackle fraud and result in savings of £60m over a three year period.

They will also have the capacity to target organised motor insurance fraud which impacts its customers hugely, currently valued at £161 million.

Its role in the initiative demonstrates its long-term commitment to the reduction of insurance fraud.

The rise of the payday loan

192business — Tue, 03 Jan 2012 16:29:00 +0000

December proved to be a popular time for payday loan applications in the UK with more than four times as many people applying in the first two weeks of December than in the whole month of November.

Europe’s biggest online microloan lender, Ferratum recorded such numbers and had to take on additional staff to cope with the extra applications on the lead up to Christmas. It has been suggested that as most people received their last pay well before Christmas the short term loans were used to help purchase last minute food and gifts.

The firm opened in July 2011 and has since seen rapid growth in the market. They have revealed that most customers were aged between 18-35 and more than 60% using the loans were female. Their loans are applied for online or via mobile only.

And the increase is set to continue with industry experts proposing that the number of applications will rise in the next 6 months by 75%, up to 3.5 million.

And the UK’s biggest ever online shopping day is…

192business — Tue, 03 Jan 2012 14:20:00 +0000

Forget the January sales, Black Friday and Cyber Monday, it appears that Boxing Day is the UK’s biggest ever online shopping day.

The latest report from Experian Hitwise, reveals that there were 96 million visits to UK retail sites on 26th December 2011 which represented an increase of 19.5% in comparison to the same day in 2010. The nation spent a collective 13 million hours online instead of watching TV reruns and eating leftovers from the Christmas dinner!

And reasons for the extreme increase? They point towards avoidance of the hectic high street and the ease of ordering online alongside the huge discounts, free postage and next day delivery options.

However, despite record breaking numbers on the first day of the clearance sales, the number of shoppers hitting the high street was down year on year with footfall reduced post the Christmas period as well as on New Year's Day.