New figures from Experian show that current account frauds have more than doubled in the last two years.
Experian, the leading global information services company, today unveiled the fraud and identity industry's first open platform designed to catch fraud faster, improve compliance and enhance the customer experience.
2015 was the year current account fraud surged and new figures show it is still the most targeted financial product.
JD Finance owned by China’s largest online direct sales company JD, has selected Experian, the global leader in information services as a partner to jointly develop an anti-fraud system for online transactions.
In the latest in a series of high profile data breaches, credit referencing agency Experian says hackers accessed its servers and stole the personal details of 15 million prospective T-Mobile customers.
Experian's fraud analysis reveals that there has been a huge surge in large-scale targeted fraud attacks in Q2 2015.
For the first time, current accounts have become the most targeted financial product by fraudsters, as criminals probe for loopholes in the UK's seven-day switching service.
Innovate UK has chosen five fintech startups to share a £175,000 prize pot and the opportunity to work with leading banks and government bodies to get their ideas off the ground.
Experian, the global information services company, reveals that fraud-detection rates have increased during the past year*, with around 50 frauds now being detected per 10,000 cases during Q4 2014 - compared to 40 frauds detected per 10,000 cases in Q4 2013.
Some of the biggest names in financial services are throwing their weight behind a UK competition giving fintech startups the chance to win a share of a £175,000 cash prize pot.
© Finextra Research 2016