World Cup to increase bank fraud risks

Increases bank fraud risks

As you'd expect the World Cup is going to increase the number of people betting on the football, and as such banks are expecting an increase in bank fraud and possible identity theft.

According to Actimize, the security vendor, during sports events such as the World Cup and the Olympics, banks see a noticeable increase in fraud and often struggle to notice due to the large amount of 'statistical noise generated'.

Speaking to Finextra.com, Jackie Barwell, manager of financial crime products at Actimize, said "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."

As such, Actimize advised that banks amend their 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.

Systems such as behavioural profiling to keep ahead of the scammers, using multiple scoring tiers and sophisticated analytics to identify high-risk transactions in real-time, it is hoped will keep victims of bank fraud to a minimum.

Banks betting?

As if the financial institutions didn't have enough to worry about, some have released who they think are the favourite to win the tournament - according to quant analysts at JP Morgan, England is the favourite to win the World Cup. Perhaps they should stick to banking...

Matthew Burgess and Marco Dion have a method that has seen them tapping FIFA rankings, historical results and the latest bookies' odds for their prediction. According to them, while Brazil is the strongest team, it is Spain that will clinch victory.

UBS however is backing favourite Brazil, saying England have only a four percent chance of victory.

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