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Research by 3rd man, a fraud prevention specialist organisation, showed that in the month of August cybercriminals attempted to collect about £500m from retail firms in fraudulent claims and techniques.
3rd man reported that the highest fraud rates in the UK were found in Plumstead, Woolwich, and Thamesmead.
Out of a million transactions that were conducted in these three regions, about 16,000 of the transactions ended up to be fraudulent totalling up to losses of £18m.
A fraud specialist in the organization, Andrew Goodwill, stated that UK shoppers are continuing to gain confidence in buying online which is increasing the amount of retail shopping that occurs each month online.
He stated that this is a fact that has not gone unknown to cybercriminals who are developing multitudes of fraudulent schemes in an attempt to trick retailers.
The group reported that the reason for the high amount of fraud online is because it is easier to dupe retailers when the card does not have to be seen or checked for ID, such as in the case of online or phone purchases.
The top location in Britain for online fraud activity is London, in particular South-East London, with Manchester, Coventry, Romford, and Nottingham also seeing a rise in online fraud among retailers.
IDC, a technology analyst firm, stated in the last few weeks that the main threat to IT security for companies is their own employees’ behaviour while handling customers and customer information as well as their lack of concern/awareness about the situation.
The IDC reported that about 81% of all security breaches occur due to mistakes or poor choices on their employees’ part.
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