Latest opinions that Keith Stanton has shared on Finextra

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Keith Stanton

International Product Manager (Fraud & Risk)

FIS

Member since

07 Aug 2015

Location

Watford

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Keith's opinions

Fraud in the Covid Age - Authorised Push Payment Fraud

In my previous blog (click here), I spoke about how Card Fraud had reduced globally, but that there was significant fraud in other channels. According to UK Finance, in the UK Authorised Payment fraud totalled £480m in 2020, a value that is only 17% less that the value lost to Card Fraud (£574m). And in the US, while the values are going down com...

17 November 2021 /crime /covid-19

Fraud in the Covid Age

Since the beginning of March 2020, when the world moved to multiple lockdowns and restricted activity as a result of the ongoing pandemic, it’s been clear that there has been a real shift in how we transact. It’s a subject I’ve covered in previous blogs, but as we come to the end of 2021, and payment data continues to be published for 2020, we are...

14 November 2021 /payments /crime

Covid 19 and the effects on Fraud Prevention - Part 3 - Social Engineering

In my previous blog (click here) I detailed how the Fraud threat landscape for cards has changed significantly, with a reduction in card fraud in some of the major markets as consumers are spending less; and spending online rather than at bricks and mortar retail sites. But that doesn't mean the fraud levels are easing – as while payment fraud is ...

28 October 2020 /crime /covid-19 Financial Risk Management

Covid 19 and the effects on Fraud Prevention - Part 2 - Payments Fraud

As I outlined in my previous blog (click here to view), we have seen a rapid movement to card channel payments as cash usage has declined during the pandemic. In the UK, as early as April this year cash withdrawals had declined by 60% (according to the UK Government) - mainly due to a combination of people staying indoors and being unable to use ...

25 October 2020 /crime /covid-19 Financial Risk Management

Covid 19 and the effects on Fraud Prevention - Part 1

2020 has been a challenging for many reasons – the global situation has changed the face many industries – perhaps forever. For many years, the payments industry has spoken about the replacement of cash as a means of payment. Indeed, the National Audit Office in the UK states that only 3 in every 10 transactions are now cash and had projected that...

23 October 2020 /crime /covid-19 Financial Transformation

Tipping point - when simplicity is not enough in a fraud system

For at least the last three decades, fraud monitoring of transactions and portfolios has been a cornerstone of protecting the brand, be it for scheme, bank or consumer reputation. There have been a number of heavy-duty products in the market place in that time that target specific monitoring needs. However financial institutions can meet regulator...

24 March 2019 /payments /regulation Financial Risk Management

Card Fraud in Europe - it's still increasing

In September last year – the ECB produced its first report on Card Fraud since 2015. It is unusual to see a public report that covers all of Europe and there are some interesting viewpoints to be taken from it. And despite the gap in production (and that it relates to data up to 2016 only), it's very clear that Payment Card Fraud is still very muc...

17 March 2019 /payments Financial Risk Management

Once more unto the breach

Once again data breaches have made headlines globally, bringing significant negative publicity, impacting consumers who have had their data compromised and prompting the public to question just how safe their personal data is in the hands of others. I speak from personal experience here; in the last 10 years I have been notified of 5 separate data ...

07 October 2016 /security /regulation

Old Fraud, New Techniques - Skimming has never gone away

Earlier this year, the European ATM Security Team (EAST) reported on a criminal gang that had been apprehended, who were known to use "Ghost Terminals"; a standard point of Sale (POS) terminal that had been modified to harvest card data (link to the article is here). With this particular incident these terminals were utilised in Taxi's,...

09 October 2015 /payments /regulation

The Challenge of Customer Screening

Financial institutions are required by law to know their customers (KYC), and refuse services to any party involved in financing terrorism or money laundering. Unfortunately regulations are open to interpretation, leaving banks struggling to define who is a high risk customer, as they attempt to please both the regulators and the public. Allowing ...

18 September 2015 /payments /regulation