Increased consumer spending brings increased consumer fraud risk, says Monica Eaton-Cardone, CIO and co-founder of Global Risk Technologies™.
Search online or any image library for ‘thief’ or ‘fraudster’ and chances are an image of a man in a horizontally striped jumper, a face mask, or hoodie and a ‘swag’ bag over his shoulder – will be high up the list. However, this imagery is being challenged through the growing issue of online fraud. Today’s thief could be dressed a businesswoman, a builder, or even someone in their pyjamas. Criminals are increasingly sitting anonymously behind a computer screen and online purchases become the norm. What is less recognised by merchants, retailers and banks is that these ‘criminals’ are increasingly just ‘normal’ consumers. Can they stay ahead of this growing and largely overlooked online threat to their bottom lines? I believe they can as long as they don’t ignore the problem.
Online spending is exceptionally popular in Europe which is currently outstripping the US in terms of growth. In the UK alone it is expected to grow 14 per cent reaching £156.67bn in 2015. Of particular concern is the fact that the UK has featured in the top three countries for ‘fraudulent severity levels’ in 2013 and 2014, only beaten into third place by an alternating France and Greece. Inevitably, the increase in online spending brings increased opportunities for criminal activity, most of which are centred on fraud.
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