22 March 2018
visit www.ebaday.com

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

19 May 2010  |  13015 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  |  8673 views  |  0 comments
Absa rolls out POS currency converter for World Cup

Absa rolls out POS currency converter for World Cup

14 April 2010  |  9787 views  |  0 comments
UK card fraud plummets

UK card fraud plummets

10 March 2010  |  14209 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  |  4934 views  |  0 comments

Related company news


Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
www.currencycloud.comVisit www.vasco.comVisit http://info.nice.com

Top topics

Most viewed Most shared
hands typing furiouslyBitcoin at 50,000 USD?
13233 views 0 | 5 tweets | 4 linkedin
Can banks be a threat to Big Tech?Can banks be a threat to Big Tech?
10812 views comments | 31 tweets | 40 linkedin
BBVA tests 'invisible payments' technology at inhouse cafeBBVA tests 'invisible payments' technology...
10173 views comments | 13 tweets | 31 linkedin
RBS hatches plan to create digital challenger bankRBS hatches plan to create digital challen...
10063 views comments | 12 tweets | 23 linkedin
Barclays partners seven watch brands for contactless timepiecesBarclays partners seven watch brands for c...
9696 views comments | 14 tweets | 29 linkedin

Featured job

Competitive base + commission + benefits
UK or Germany

Find your next job