View more on these topics

E-crime clampdown


The UK&#39s top lenders are teaming up to form a battle plan to try and prevent the rising tide of internet crime infiltrating the mortgage market.


Users of the Marlborough Stirling Omiga Mortgage system have been meeting regularly to put in place security measures to stamp out the threat of cyber thieves profiting from online mortgage transactions or defrauding lenders.


The group which includes Nationwide Building Society, Cheltenham & Gloucester and Birmingham Midshires says it has been working on the security measures following a report from big five accountancy firm PricewaterhouseCoopers that showed £10bn of internet fraud was committed in the US last year.


It is also responding to claims by Scotland Yard that internet hackers are set to target financial services transactions and warnings that the bandits, who have used mobile phones to steal more than £1m worth of premium rate calls from the Yard&#39s own switchboard, should be taken very seriously.


The group says its crime busting deterrents are expected to be in place shortly and once they are operational it believes a national working group should be set up totally dedicating to combating computer fraud.


Marlborough Stirling director of e-commerce David Edwards says: “Criminals could at this very moment be dedicating themselves to working out how to hack into financial services transactions on the internet and interactive TV.


“The risk is absolutely minimal where we set up correct infrastructures and remain constantly aware of the need to make full use of security measures not simply have them in place.”

Recommended

2,000 job cuts as CGU and NU merge

CGU and Norwich Union have agreed a £19bn merger, creating the UK&#39s biggest insurance group and costing 2,000 job losses in Scotland.The move will form a company powerful enough to take on the world&#39s biggest insurers including Axa and Allianz and will result in cost savings of at least £250m a year.CGU shareholders will hold […]

Britannia awards loyal with £50m

More than one million Britannia Building Society members are set to receive £50m worth of loyalty bonuses.This year&#39s bonuses were boosted from the sale of its life and asset management business last year.In addition to their usual share of the annual profits, members with longer term policies stand to gain around £500, while the average […]

Isa guides “may spark mis-selling scandal”

An outraged IFA is calling for direct brokers to be banned from printing Isa guides claiming they could spark another misselling scandal.Dennehy Weller & Co believes direct brokers that claim in their Isa guides they have researched the market to recommend the best Isa providers are breaching FSA regulations because many providers pay cash to […]

Fleming ad boost to S&P Isas

Fleming Asset Management is splashing out £3m on an advertising campaign as it bids to boost sales of its Save & Prosper Isa funds.The fund manager says it is launching the ISA season marketing offensive to promote its Save & Prosper Premier Equity Growth Fund and Its Save & Prosper Japan Growth Fund.It says the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment