Gone phishing... I
Payment security is a constantly evolving battle of wits as the good guys endeavour to keep one step ahead of the bad guys
n the seminal US television cop drama The Wire, detec- tives had to constantly find new ways of tapping into the
communications of drug gangs in order to bring them to justice. This was an ever- evolving game of cat-and-mouse, with the police frequently having to change tactics as the gangs found creative new ways to avoid surveillance and continue running their illicit businesses. Fighting card fraud is very similar in that the providers and their clients are locked into a technology-driven battle to
28 BBT CORPORATE CARDS SUPPLEMENT 2016
try to thwart fraudsters who are coming up with fresh tactics to steal confidential data and use it for their scams. Several major hotel companies have been targeted in the last year, with Hilton, Starwood and Hyatt all being affected by malware attacks on their systems – Starwood, for example, found malicious software inside point-of-sale payment systems at 54 properties across its Americas region last year. Closer to home, UK-based broadband
provider Talk Talk was a victim of hackers who were able to steal the ‘sensitive’
data of up to four million customers. These conmen then cold-called some of these consumers to try to gain the extra information needed to access and empty their bank accounts.
FRAUDULENT LOSSES Looking more closely at card fraud in particular, Financial Fraud Action UK found that fraudulent losses on UK cards in 2015 went up by 18 per cent year-on- year, to £567.5 million. Over the same period, overall card spending in the UK rose by 7 per cent.
In association with
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