Experian claims UK finance industry still vulnerable to Internet fraud

Experian claims UK finance industry still vulnerable to Internet fraud – Brief Article

INTERNET BUSINESS NEWS-(C)1995-2002 M2 COMMUNICATIONS LTD

According to new research from information solutions company Experian, the UK finance industry is still vulnerable to Internet fraud.

The company found that up to one in 20 applications for a financial product were fraudulent yet one in five finance companies are not taking adequate security measures. Experian also puts the cost of card-not-present fraud at GBP96m every year.

Other results from the survey showed that 83% of all finance providers questioned supported industry wide awareness initiatives while 63% advocated better training for those involved in application processing. A further 57% believed that more cooperation with other industries or public sector bodies would help and 43% also felt that more support was needed from the police.

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