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News

The hidden costs of fraud revealed in recent report

Finjan Software : 18 February, 2009  (Technical Article)
Finjan backs up CyberSource report on the cost of fraud to UK businesses and how to minimise these losses
Finjan says that a newly issued report from CyberSource - which clams to show that one in eight online UK firms are losing more than five per cent of their revenues to fraud - illustrates the phenomenal cost that card fraud is costing UK organisations.

'We at Finjan believe that a pound spent on effective IT security in a business is rewarded with cost savings in many other areas several times over", said Yuval Ben-Itzhak, Finjan's Chief Technology Officer.

'The UK edition of the CyberSource Online Fraud Report notes on the lack of co-ordination and government support in the fight against fraud. This all confirms our strategy that investing in anti-fraud IT security technology really is worth its weight in gold,' he added.

According to Ben-Itzhak, in the absence of the report's recommendation of the creation of a centralised anti-fraud body to co-ordinate efforts across the financial and enforcement industries, it is clear that companies are largely on their own when comes to planning an effective strategy to beat financial fraud.

This doesn't mean that the war is lost, he noted. Far from it. Technology exists to significantly mitigate risk of a company's anti-fraud systems being breached and a fraud costing the firm large amounts of money, he explained.

'Carefully planned and executed effective anti-fraud strategy need not cost the earth, but the emphasis has to be on planning and working with your IT security supplier on developing the strategy. Then, once a good system is installed, it is equally essential to maintain the systems' efficacy,' he said.

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