Renewed strategies to address cyber fraud epidemic require greater collaboration between institutions to evolve fraud prevention and minimise impact of criminal activity
The UK Government’s new Fraud Strategy: Stopping Scams and Protecting the Public is welcomed, but it is not a cure-all for cyber fraud, especially considering the scale of the cyber problem and how rapidly criminals evolve their tactics.
Individuals and businesses should not view this as an announcement of safety, but instead a prompt to consider whether they are allowing themselves or their customers to become easy targets for criminal groups.
Criminals tend to follow money, so if you are going to do one thing today, think about how easy you are making it for them to access your finances, whether that’s when transferring funds to complete a house purchase or paying a supplier. Collaboration is an important part in the fight against fraud and cybercrime, and QBE has been supporting businesses for over 10 years with this, but nothing replaces the effectiveness of personal vigilance.