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- Trend snippet: COVID-19 drives banking fraud, fraud and data breaches in banking will reach an all-time high.
Trends in Security Information
The HSD Trendmonitor is designed to provide access to relevant content on various subjects in the safety and security domain, to identify relevant developments and to connect knowledge and organisations. The safety and security domain encompasses a vast number of subjects. Four relevant taxonomies (type of threat or opportunity, victim, source of threat and domain of application) have been constructed in order to visualize all of these subjects. The taxonomies and related category descriptions have been carefully composed according to other taxonomies, European and international standards and our own expertise.
In order to identify safety and security related trends, relevant reports and HSD news articles are continuously scanned, analysed and classified by hand according to the four taxonomies. This results in a wide array of observations, which we call ‘Trend Snippets’. Multiple Trend Snippets combined can provide insights into safety and security trends. The size of the circles shows the relative weight of the topic, the filters can be used to further select the most relevant content for you. If you have an addition, question or remark, drop us a line at info@securitydelta.nl.
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COVID-19 drives banking fraud, fraud and data breaches in banking will reach an all-time high.
COVID-19 is a crisis for banks but an opportunity for fraudsters and hackers. In the UK, fraud rates rose by 33% across all financial products in April 2020. But worse is yet to come. 2021 will reveal the high number of fraudulent COVID-19 loans; while governments have often underwritten these, they will tarnish banks’ reputations. The banks will face breaches and fines as a result of naïve businesses that digitised with little regard for the EU General Data Protection Regulation (GDPR), the Payment Card Industry Data Security Standard (PCI DSS), anti- money laundering (AML), and know your customer (KYC), exposing data and compromising millions of accounts. Banks need to keep their fraud management up to date and adopt more machine-learning-based solutions to combat fraud in real time.