The relationship between cyber attacks and fraud is increasingly problematic. Society’s reliance on digital technology increases our vulnerability to fraud. Fraudsters see gaining data through cyber attacks simply as a step in the process – a means to an end. But these attacks create real headaches for victims and the authorities and the fraud creates significant costs for banks and society. James Hatch, Director of Cyber Services at BAE Systems Applied Intelligence, discusses how he believes fighting modern fraud needs a radical new level of collaboration and trust.
The frequency of cyber-attacks has increased for the third consecutive year, reaching a record high of 62 per cent – an increase of five per cent – according to a recent Bank of England survey.