Information Age: Fake banking apps: financial scams on the rise

September 22, 2016 — Fake banking apps: financial scams on the rise

This week Financial Fraud Action (FFA) announced in a report that a financial scam was committed once every 15 seconds in the first half of this year. Robert Capps, VP at NuData, comments.

Data leaks, financial scams and in general cyber crime is on the rise. This is a reflection of an application-orientated society, where maximising data, efficiency and workforce mobility are key.

Financial scams are good business for cybercriminals and in 2015 they amassed £775 million in the UK.

“Cybercriminals have grown in their sophistication, exploiting the human interest factor by posing as banks or suppliers and then duping consumers into revealing their personal details. These scams have also proved effective in targeting commercial organisations,” reveals Robert Capps, VP of business development at NuData Security.

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