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An article relating to this blog post on Finextra:

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.


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More's Law is certainly true - affordable fraud?

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? Hello Tesco!

And money - Probably looking at £640 million and the associated costs of investigations and new police units.

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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