Data breaches contributed to a 25% spike in UK bank fraud in 2018:
While high-scale breaches occur at third-party firms, they typically don't have to contribute to reimburse consumers for fraud losses, leaving banks to pick up the pieces.Banks need to work together to impose greater responsibility on third parties. By collectivizing, banks can lobby regulators to force third parties to reimburse consumers in cases of fraud resulting from data breaches.
They also need to increase consumer education to reduce APP fraud. Although banks aren't forced to compensate consumers who lose out on money due to APP fraud, as more people move their transactions online, these kinds of losses are likely to increase. Banks that better educate their consumers and reduce these kinds of losses will protect themselves from the inevitable blowback when figures on these frauds are revealed.
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