Wednesday, 10 May 2017

Barclays Announces New Cyber Crime Initiative

With cyber crime seemingly increasing on a daily basis, one UK high street bank has decided to fight back. Barclays has launched a new nationwide initiative designed to educate consumers, businesses and authorities in how cyber crimes are carried out and what can be done to prevent them. The initiative includes £10 million for an extensive advertising campaign throughout the UK.

According to Barclays, cyber crime in the form of digital fraud is at an all-time high. In fact, digital fraud now makes up at least half of the total crime reported in the UK. Barclays suspects the numbers could be even higher when one considers how often cyber crimes go unreported. The kinds of crimes that Barclays is referring to include things like scams and digital identity theft.

Surprisingly, older people are not the most vulnerable to cyber crimes involving digital fraud. According to Barclays, that distinction belongs to young people between the ages of 25 and 34. Even more surprising is that highly educated young people in the Greater London area are the most vulnerable group in the UK.


What Barclays Will Do:

It's clear that Barclays alone cannot make a dent in cyber crime and digital fraud. Real change will be the result of banks, businesses, authorities, and the public all working together. With that said, Barclays is committed to doing its part by way of their new Digital Safety initiative.

The first part of the initiative calls for giving Barclays customers more control over how their debit cards are used. Customers will be able to set their own daily withdrawal limits and turn remote purchasing capabilities on and off by way of the Barclays app. On the education front, Barclays has a lot planned.

They now offer an online quiz designed to help people understand their own level of risk. The quiz is followed by helpful tips designed to make individuals more secure based on their answers. Barclays is hoping to help as many as 3 million consumers with the quiz.

As previously mentioned, Barclays will invest £10 million in an advertising campaign that will involve billboards, printed adverts, TV, and online efforts. The ad campaign will target the most vulnerable demographics with essential information they need to understand and the precautions they should be taking.

An updated website will include 'fraud awareness takeovers' in order to promote fraud prevention. Barclays believes that it is more important to make people secure than to sell new products, so these new takeovers will replace many of the existing elements that currently market new products to consumers.

Lastly, Barclays will begin offering educational seminars and support clinics for both businesses and retail consumers. The company hopes to reach as many as one million small and medium-sized businesses with targeted educational opportunities designed to help them reduce their fraud risks.

It is clear that Barclays is serious about addressing cyber crime and digital fraud. Kudos to them for stepping up and committing themselves so extensively.

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