In association with:
Wednesday 21 March 2007, Arrival 16:00 - Departure 18:30
Watermen's Hall
London
Does the 8,000+% growth in phishing incidents in the UK in the 20 months to September 2006 presage a new challenge for Faster Payments? Even if UK reported losses due to online banking fraud were only £23.2 million in 2005, they are rising rapidly. We have seen how chip and PIN led to a phenomenal growth in card not present fraud, which in 2005 also reached £183.2 million (Based on the latest data provided by APACS).
We are now about to enter into the next generation of electronic payments with the loss of the 72-hour window for anti-fraud measures and the real time integration of many new electronic and mobile channels. Can we now expect a new generation of sophisticated electronic threats with so-called man-in-the-middle, man-in-the browser, phishing, vishing, pharming, and other Trojan software attacks? Some European banks have already been hit with £ million losses, in many cases perpetrated from abroad. Is this just the tip of the iceberg? Now subversive guides and recently even do-it-yourself software kits have been advertised on the web. Is it time once again for the banking industry to take collective action to outfox the fraudsters?
With the imminent launch of Faster Payments in the UK and priority payments under SEPA, analysts expect threat levels to rise further. Authentication alone is no longer sufficient to defeat the cyber-crooks, and banks urgently need to consider new transaction verification techniques. This timely ifs School of Finance briefing in partnership with HP, Link Interchange Network and ValidSoft will assess the realistic level and nature of these threats and recommended best practice for addressing them. A practical demonstration of man-in-the-middle techniques will give insight into the latest generation of industrialised fraud, as well as suggest strategies for strengthening your defences and the level of customer trust in e-services at the same time. This could turn these rising electronic threats into potential new revenue and profit opportunities.
This event is designed for senior executive management, Directors and Heads of Department with responsibility for:
This event is free of charge for people working in banks, building societies or insurance companies. There is a charge for other individuals, please enquire for further details. Places are strictly limited.
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