18 October 2017
Register now

Banks warned over World Cup fraud risks as JP Morgan quants predict England win

19 May 2010  |  12947 views  |  0 card chip

This summer's World Cup could leave banks struggling to protect themselves and customers against card fraud, as a surge in unusual transactions throws off risk scoring mechanisms, claims vendor Actimize.

Banks see sharp increases in fraud during large one-off events such as the World Cup and Olympics, says the security outfit, struggling to to identify suspect transactions because of the statistical "noise" generated.

Jackie Barwell, manager, financial crime products, Actimize, says: "Because of the increased volume of amateurish 'noise' created by opportunists, many of the phishing emails created by organised criminals look incredibly professional. These more professional schemes will direct unsuspecting victims to convincing Web pages asking for credit card details or online banking log-ins."

Banks, already alert to the fact that customers' cards are at risk, should amend their transactional risk scoring and anti-fraud processes so as to distinguish genuine suspicious activity across all customer channels - ATM, debit and credit card transactions as well as online transactions, says Actimize.

The firm calls on banks to tap behavioural profiling to keep ahead of the scammers, using multiple scoring tiers and sophisticated analytics to identify high-risk transactions in real-time.

In other World Cup-related news, quant analysts at JP Morgan have tipped England to win the tournament this summer. Matthew Burgess and Marco Dion have tapped Fifa rankings, historical results and the latest bookies' odds for their model, which even includes a penalty shoot-out metric.

Incredibly, despite finding that Brazil is the strongest side in the competition, the model predicts that England will vanquish Spain in the final.

However, England fans should exercise caution; a rival model from UBS predicts a Brazil victory, with Capello's men given just a four per cent chance of a first victory since 1966.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Visa turns to social media for World Cup promo campaign

Visa turns to social media for World Cup promo campaign

12 May 2010  |  8584 views  |  0 comments
Absa rolls out POS currency converter for World Cup

Absa rolls out POS currency converter for World Cup

14 April 2010  |  9375 views  |  0 comments
UK card fraud plummets

UK card fraud plummets

10 March 2010  |  14127 views  |  4 comments
Which? calls on bank regulator to tighten card fraud loss rules

Which? calls on bank regulator to tighten card fraud loss rules

25 June 2009  |  4857 views  |  0 comments

Related company news

 

Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.com visit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15183 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8384 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7897 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7334 views comments | 13 tweets | 8 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6489 views comments | 8 tweets | 16 linkedin

Featured job

Find your next job