17 December 2007
Telsecure announced today that they were working with BSI British Standards to develop a Publicly Available Specification (PAS) for managing the prevention and early detection of fraud. Fraud has become an increasingly serious issue for business, not only costing huge sums but damaging the reputation of organizations in the process.
Recent reports have highlighted the scale of this problem:
• 45% of companies have reported falling victim to fraud in the last two years *
• Over one third of fraud is discovered by accident **
• The estimated annual cost of fraud to the UK is up to £20 billion ***
• Public sector fraud is estimated at £6.4 billion ****
Over recent years these reports and the Government’s Fraud Review have led to recognition of the need for the development of a National Fraud Strategic Authority and a National Fraud Reporting Centre, yet the business approach to fraud remains fragmented through the lack of a standard.
The Publicly Available Specification (PAS 8000), a fast-track standard expected to be available in September 2008, will provide organizations with a framework for managing the prevention of all types of commercial and industrial fraud. Among other things it will define terms and definitions within the area of fraud management and set the norm for good practice.
Mike Low, Director of BSI British Standards, said, “BSI is pleased to be working with Telsecure to develop a PAS in this important area. Fraud poses a serious threat to organizations but with the right expertise and stakeholder engagement we hope to develop a tool which will make significant inroads into fraud prevention.”
Janusz Adamson, Head of Telsecure Consulting Services, said, “We know that organizations are actively seeking solutions to combat the problems associated with fraud, and believe this can be achieved by comprehensively applying all the knowledge and skills we can muster to developing this Publicly Available Specification in fraud prevention and detection. Compliance with the emergent standard will ensure that governance, together with management processes and procedures are in place to achieve these aims”.
Andrew Churchill, principal consultant at Telsecure Consulting Services, will be the lead author and will be involved in producing the standard in consultation with interested parties, including regulators, academics and law enforcement.
A BSI steering group of independent stakeholders representing a cross-section of organizations will review and provide feedback on the drafts of the best practice specification. Existing best practice work in this area will also be considered in the PAS development, with workshops and consultations scheduled to start in the New Year.
* PWC in association with Martin-Luther University, Halle-Witenberg
** As above
*** Association of Chief Police Officers 2007 Report
**** As above
About Telsecure Consulting Services
Telsecure Consulting Services offers a heritage of innovation, research and development, multi-stakeholder engagement, project management and facilitation of complex projects through joint venture, design, engineering and transfer to profitability.
We offer a wealth of expertise in secure financial payment systems, cyber security and financial crime, surveillance and protection and in particular solutions covering:
Authentication, verification and payment technologies for the banking industry
Minimising fraudulent cardholder not present transactions
Biometric solutions for secure financial transactions