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World Cup fraud warning issued

Actimize, part of NICE Systems and provider of a single financial crime, risk and compliance software platform for the financial services industry, has issued a warning to the banking sector that it may have insufficient protection against fraud related to this year’s World Cup.

A spike in fraudulent activity occurred when the FIFA World Cup final fixtures were announced, echoing a pattern that was followed at the Olympics and the previous World Cup.

Banks often face difficulties in identifying fraud during such occasions because legitimate transactions also increase in frequency, helping to mask the criminal activity.

Jackie Barwell, Actimize manager for financial crime products, warned of the highly credible phishing e-mails that are being organised, coupled with professional yet fraudulent websites designed to trick customers into divulging their personal details.

Barwell went on to say that the only way to combat such fraud was with a sophisticated approach involving behavioural profiling of card, customer and merchant.

Phishing remains a growing problem for the global banking sector, with solutions such as Rapport being adopted by HSBC in the UK and Standard Bank in South Africa, the host nation of this year’s World Cup.

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