Securing bank account payments

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The Problem


Each year over 900,000 people find themselves the victim of bank fraud.

The group responsible for fighting financial fraud in the UK on behalf of the payments industry, Financial Fraud Action UK, claim that fraud losses across the banking and payment card sector totalled £769 million in 2016 - up from £755m in 2015.

According to the UK Government’s 2015 Information Security report, 90% of large organisations reported that their digital defences had been breached by cyber criminals as they attempt to steal valuable personal details we trust them with. Below are just a few examples that made headline news recently:

August 2015: The website of Carphone Warehouse was attacked, compromising the bank details of 2.4million customers.

October 2015: Broadband provider, TalkTalk, sustained a significant cyber-attack and the bank account numbers and sort codes of 15,600 customers were stolen.

November 2015: Hackers stole the personal and bank account details of almost 2,000 Vodafone customers in a targeted cyber-attack.

August 2016: UK payment and payroll software company, Sage Group, suffered a security breach and payroll data from 280 corporate clients had been compromised, including the bank account numbers and sort codes of thousands of employees.

November 2016: IT systems of the National Lottery were breached, resulting in the personal information of 26,500 players being stolen, including bank account details.

April 2017: payday lender, Wonga, had its systems breached and the bank accounts & sort codes of over 245,000 customers was stolen.

September 2017: Equifax, a consumer credit rating agency, suffered a data breach, leaking the personal details of over 400,000 UK customers..

If you were a victim of any of the above data breaches, and a cyber-criminal gained access to your bank account number and sort code, the amount of goods or services they could buy in your name are endless, and because your bank account number and sort code never change, there isn’t a lot the banks can do to stop them.

"Did you know that with someone’s name, bank account number and sort code, you can set up a direct debit in their name from their bank account?"  Chris Worfolk.

Do you know how many dormant direct debit mandates or standing orders are active on your bank account? Whilst you may have thought you cancelled that old gym membership, a recent magazine subscription, or a free trial for a credit reference agency, it’s your responsibility to actually cancel and remove the direct debit instruction from your bank account, because your money could still be taken.

"For the time being there is no system in place to prevent this kind of fraud from taking place [before it actually happens]"    Adam Buller.


Here at DebitShield we don’t think that there are sufficient measures in place to prevent your bank account details being compromised and your money being taken, so we propose a real solution to the problem...



About DebitShield >
talktalk website hacked - customer data stolen

Features


Ultimate Protection

DebitShield protects the customers’s own bank account details from the cyber criminals & fraudsters that are targeting the companies we trust with our personal details.

Stops unauthorised payments

DebitShield's system automatically stops unauthorised or suspicious direct debits or standing orders before any funds can leave the customers DebitShield account.

Mobile App

The DebitShield mobile app will allow customers to check the progress of payments from their DebitShield account, add new authorised direct debits, and view payment confirmations whilst on the move.





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