A post relating to this item from Finextra:
01 October, 2008
UK online banking fraud soars
Industry losses from online banking fraud increased a massive 185% in the first half of the year to £21.4 million, according to figures released by UK payments association Apacs.
Wouldn't it be better for the public's perception if a few hundred million pounds was spent eliminating most fraud, rather than spend vast sums without any effect?
I think it's about time to get real. I coined
More's Law (=more fraud) earlier in the year and it's running stronger than Moore's law of computing power.
Whatever the industry is doing isn't working and it's time for a radical rethink.
I estimated it could be fixed for the whole UK for the token sum of £145 million per year back in June, but as you know costs are going up. It would probably still be possible for around £250 million. What are the losses so far this year £320 million? Should
run to at least double that by the end of Christmas.
What is there to lose? Trust - well you have plenty of that don't you?
And money - Probably looking at £640 million and the associated costs of investigations and new police units.