UK Finance recently published its Annual Fraud Report. It describes in detail what is happening and changes in fraud. Although it does not say how those costs are then passed on to the consumer, it will undoubtedly be the consumer who ultimately pays. Understanding fraud is, therefore, important.

Although a snapshot of cash related crimes taken from media reports, they are a reminder of the risks of cash related crime used to justify less cash. In January Cash & Payment News™ reported that for the first time ever no bank branch in Denmark had experienced an attack, since they no longer handle cash.

Although a snap shot of cash related crimes taken from media reports, they are a reminder of the risks of cash related crime used to justify less cash.

Four recent stories about digital payment crime highlight the changing profile of financial crime from payment cards to cryptocurrencies.

The US Securities and Exchange Commission (SEC) has approved the ProShares Bitcoin futures Exchange Traded Fund (ETF) application, the first cryptocurrency the US financial markets regulator has approved.

One-time passwords (OTP) are a central part of payment security. It is a concern, therefore, to read about hackers hijacking OTPs sent via SMS by Singapore banks to their customers, resulting in fraudulent credit card transaction worth S$500,000, as recently reported by the Monetary Authority of Singapore.

Financial crime, particularly digital financial crime, can feel victimless. The losses are factored into the fees and charges which are passed on in higher prices and the press seldom focus on the distress and stress caused to individuals faced with criminal activity.

In the last week there have been a number of payment related stories. What links them all is that they demonstrate that electronic payments face a range of challenges that have a direct impact on customers. The role of the regulator is evident in all of them whether requiring action or ‘guiding’ providers to take action.

As the use of Distributed Ledger Technology (DLT) based on blockchain grows, it is worth returning to an old story reported in an MIT Technology Review in February 2019.

The European Association for Secure Transactions (EAST) has issued its 2020 report on ATM crime. EAST collects data from 21 Western European countries operating about 335,000 ATMs, 223,000 unattended payment terminals and 14.5 million point-of-sale (POS) terminals.