Putting trust back in transactions

The latest global and UK Cybercrime numbers are continuously on the rise with the levels of sophistication and coordination of targeted attacks against people on the increase.

Of the 978m global victims of cybercrime last year, 17m were Britons targeted by phishing, ransomware, online fraud and hacking. The majority of attacks involve tricking people to give up personal information that enables them to commit fraud.

Cybercrime hit more than 17 million Brits in the past year, meaning the nation, which accounts for less than 1% of the global population, makes up almost 2% of the 978 million global victims of cybercrime and almost 4% of the global losses.

What does this equate to?

Hackers stole a total of £130bn from consumers in 2017, including £4.6bn from British internet users, according to a new report from cybersecurity firm Norton.

The losses were more than just financial. Each victim of cybercrime spent, on average, nearly two working days dealing with the aftermath of the attack. This process included the inconvenience of changing personal details, recovering lost money, and fixing systems that have been breached.

The most common crimes were low-tech, such as attempts to trick individuals into revealing their personal information through bogus emails. These generally had low cost to victims, however other forms of cybercrime were more expensive. Technical support scams cost victims £44, a ransomware attack £111, and a fraudulent purchase online costing as much as £166.

Who’s to blame?

Some experts lay blame with the cybercrime victims — insisting that they are not doing enough to protect themselves online. The report found that they are more than twice as likely to share passwords to online accounts with other people. On top of that, former victims are almost twice as likely to use the same password for all online accounts.

The team at Quant Network — founded by leading cyber security experts — urges all consumers to be vigilant and exercise caution. However, they also recognise that the perpetrators are becoming more deceptive than ever before and that no one is immune.

“We hear it time and again, and even the most vigilant, savvy consumer can get caught off-guard with a legitimate sounding call from a trusted source like their bank,” explains Colin Paterson, CTO Quant Network. “Sometimes, it can be when they’re most vulnerable like traveling and don’t have the luxury of waiting to see if their account will be frozen etc.”

“This is the exact inspiration behind GoVerify, to take risk out of the equation and provide a simple, yet assured method for consumer to verify exactly who is contacting them. This in turn provides businesses the ability to safely communicate with their own customers with a higher level of trust.”

What can we do about it?

GoVerify allows people to check that emails, letters or phone calls are legitimately from the company they are sent from.

The proprietary technology that powers GoVerify is a combination of cybersecurity methods and the power of blockchain technology.

“Our vision for the future is to build a trusted world. One where consumers and business have restored confidence instead of constantly second guessing themselves,” explained Gilbert Verdian, CEO Quant Network.

“Technology underpins every element of our daily lives and offers us convenience and flexibility. However the trade-off for all of this is limited security of data. Quant Network wants to change that. We want to change how we operate and have trust in all that we do from transactions to communications.”