By ALISHA HOULIHAN for AMLi
ALMOST eight in 10 people feel unsafe on social media due to scammers operating on the platforms, a survey by Barclays Bank has found.
The news came as it was announced the ‘Fighting Online and Cyber Fraud Summit 2023’ is to take place in Dublin, Ireland on November 29 next.
The summit, being organised by AML Intelligence, will hear from leading industry, regulatory and law enforcement speakers. Early bird tickets, with a 30pc discount, are available now, with full details below and on our events section on the homepage.
Barclays’ survey meanwhile has laid the blame for the surge in online fraud and scams at the door of the technology companies. The survey showed that “87% of all scams now take place on tech platforms, including social media, online marketplaces, and dating apps.”
“Scams are on the rise, and people are continuing to lose money,” Barclays said. Moreover, the data warned, “scams have surged by 24% in last quarter.”
The bank said that 66pc of the online scams related to purchases in which victims buy goods that never arrive or aren’t as advertised.
Barclays have recommended four major policy recommendations to tackle the spread of scams:
- Bring together a cross-Government group within the Home Office with the ability to coordinate regulators, policy makers, industry groups, and companies across different sectors to effectively fight scams.
- Make the prevention of scams mandatory, particularly for tech companies, instead of the voluntary measures currently proposed by the Government.
- Make organisations publish their scams data to inform consumers of the risks involved in using their platforms.
- Create a victim reimbursement fund, financed by all firms whose systems and platforms are used to perpetrate scams, including tech companies and banks.
CEO of Barclays UK, Matt Hammerstein said: “Our data shows that tech platforms – particularly social media – are now the source of almost all scams.”
“However, there is no current legislative or regulatory framework obliging the tech sector to support the prevention of these crimes, as there rightly is for banks,” he added.
Meanwhile, details of the 30pc Early Bird Discount on the ‘Fighting Online & Cyber Fraud Summit 2023’ were also released today. The discounted tickets are available only until August 31.
“This summit is a must-attend for fraud, fincrime, cybersecurity professionals along with regulators and law enforcement. We’ll featuring the top experts in the field from industry, regulators and law enforcement. We’ll be looking at the trends, the solutions and also at the critical role of PPPs,” said AML Intelligence MD, James Treacy.
The conference will also hear details of the social engineering used by the crime gangs to target victims.
Summit tickets are priced at €400+ VAT but you can avail of the special Early Bird Price €280+VAT. Simply apply the Discount Code FOCFS30BX083 to the ‘Coupon Code’ field in the ticket purchase form here: https://www.amlintelligence.com/boardroom-series/upcoming-events-2023/
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