45% of all fraud is data-driven
Identity fraud that uses victim data to access accounts or open new ones makes up nearly half of all existing fraud, according to the fraud prevention service Cifas.
Regulation & Compliance
Fifth Tesco exec forced out over profit scandal
Tesco has suspended Kevin Grace, its group commercial director, as Deloitte and Freshfields push on with their investigation into the company’s £250m accounting black hole, revealed last month.
Lloyd’s syndicates and US Homeland Security Secretary announce cyber security cover
A new cyber privacy and network protection scheme is being launched by Ridge Insurance Solutions, led by Homeland Security Secretary and Pennsylvania Governor Tom Ridge.
Bank of England steps up legislation to protect against banking failures
The Bank of England has released a series of proposals calling for structural reform that, it says, would make the financial sector more resilient and protect customers if deposit-takers or insurers fail.
Wonga to write off £220m of customer debts
The Payday lender Wonga has agreed to write off the debts of 330,000 customers after talks with regulators prompted it to put in place new affordability checks.
UK government reveals new tax evasion scheme for multinationals
Global corporations based in the UK will now have to report where they make their profits and pay their taxes to HMRC, the UK government has announced.
New digital payments system aims to tackle compliance risk
The digital wallets and online payments developer Skrill has created a new payment solution for digital marketplaces which it says will take the headache out of regulatory and network compliance.
Forget fingerprint recognition – the latest anti-cybercrime measures scan your veins
Banking customers will soon be able to access bank accounts and authenticate payments using biometric scanning technology that reads the unique vein patterns inside their fingers.
ECB sets up board to help supervise banks
Five members have been appointed to an administrative board created by the European Central Bank in order to review the way that it oversees banking activity.
Firms must take blame for security breaches, says KPMG
Companies that are compromised by hackers can not afford to shift responsibility to customers for “weak” passwords, says security researcher Yiannis Chrysanthou.
