Peter Taylor Reports for Phronesis Technologies
The rise of the smartphone
95% of households in the United Kingdom own a mobile phone, with 68% of individuals utilising mobile banking and mobile devices responsible for 50% of all online retailing. According to the Business Insider, security features are the No.1 priority for consumers.
Fraudsters are intelligent, organised, and skilled, utilising methods previously discussed to appear like genuine consumers. So, how do you stay safe? A good starting point is to consider the viewpoint of an individual mobile phone owner – whether that is yourself, your customers, your employees and so on. Each phone, and its associated account, needs to be regularly verified, and protected.
Another point to consider is the false assumption that smartphones are impenetrable to malware. Whilst they do not spread viruses in the traditional sense, they still carry the risk of other malware. In September 2019 there were 335 million installations of 172 Android Apps that contained some form of malware or malicious code, via Google Play. In addition, around 50% of mobile phones have no protection – bespoke systems are out there, and for good practice, should be utilised.
Technology to the rescue
There is a silver lining to the potential threats posed by mobile phones, and their increasing use, in both our personal and professional lives. Improving data sources ensure that devices can be checked, to ensue that it is in legitimate hands, and has not been compromised. Strangely, many organisations do not utilize software specifically designed to verify a phone number is genuine, belongs to the expected individual and has the expected SIM and device ID, despite robust solutions being readily available. This is particularly true of SME’s – these checks do not just assist with fraud prevention, but also with curating a positive customer experience and a reputation for security. Remember: Security was voted No.1 priority for consumers by Business Insider.
Good fraud prevention strategies are not only essential, but also cost-effective – with 2021 set to be another record-breaking year for fraud, organised cybercriminals will be searching for weak links – do not let your company make their list! Contact Phronesis Technologies for further information today.
Peter Taylor is an accomplished and distinguished fraud expert and investigator. He begun his career with Greater Manchester Police, before obtaining the position of Head of Fraud for Major Loss Adjusters. Since founding a consultancy firm, Peter has expanded his areas of expertise and is a cross-industry specialist in and cybercrime and counter-fraud measures.
As Phronesis continues to expand, now offering our Mobile Identity and Fraud Prevention services directly to enterprise, we wanted to commission research into cybercrime, and the many facets within, to both add to our understanding, and to share with our growing network of partners, clients, followers, and of course to those who generally operate in the sector.
Sponsored by Phronesis Technologies Limited.
Edits and afterword by Toni Pickering