As CTMfile reported earlier this month, digital fraudsters have increased attacks against multiple industries during the pandemic. A couple of news stories this week highlight how the industry is trying to fight back against the fraudster.
In Italy, the country's state police and SIA have renewed an agreement aimed at preventing cybercrime involving the information systems and services of Italy's critical infrastructures.
The agreement falls within the scope of the directives issued by Italy's Ministry of the Interior to strengthen the prevention of cybercrime through the stipulation of agreements with operators providing critical infrastructures and services.
SIA provides card and merchant solutions, digital payment solutions and capital market and network solutions for corporates, financial institutions, central banks, and the public sector. In Italy it is a critical infrastructure of national interest - particularly in the management of payment services and access to financial markets - and it is therefore necessary to ensure the integrity of the IT systems vital to the pursuit of the corporate mission.
The agreement represents a further step in the process of building an effective collaboration between the public and private sectors - a project that, in consideration of the insidious and ever-changing nature of cyber threats, is vital to fight cybercrime based on shared information and operational cooperation.
For the Italian State Police this task is guaranteed by the National Anti- Crime Computer Centre for Critical Infrastructure Protection. This is run by the Postal and Communications Police, which for years now has been dealing with the protection of public and private companies’ IT networks which are of national and strategic importance.
Biometrics offers a B2C answer
Meanwhile, in the UK, digital identity and payments platform Nuggets has announced that a biometrically-verified, contactless delivery technology that is designed to help retailers tackle mounting fraud and chargebacks fuelled by the COVID-19 outbreak.
Nuggets uses biometric security protected by the blockchain to allow customers to provide contactless proof of ID upon delivery. The solution provides a way to stop delivery-related chargebacks from happening in the first place, with Nuggets guaranteeing verified delivery of a package to the right recipient, essential for avoiding losses through fraud, chargebacks and returns.
For retailers, the Nuggets solution centres around a customer’s digital ID, facilitating, access, payment, contactless delivery acceptance, and can be used to verify reviews. Last year, the UK Competition and Markets Authority (CMA) estimated that online reviews potentially influence £23bn ($28bn) of UK customer spending every year.
“Merchants are so overstretched with increased orders, staffing issues, and supply chain fulfilment problems that having to dispute chargebacks ends up at the bottom of the list,” said Alastair Johnson, CEO and co-founder of Nuggets. “The combination of the astronomical costs facing our eCommerce businesses, from fraudulent chargebacks, to failed deliveries and fake user reviews, big savings can be delivered by having Nuggets integrated. With virtually no upfront investment, merchants can better manage their chargebacks spanning from COVID-19 and start safeguarding their revenues.”
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