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  • Aman Ghei
  • Hans de Back
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  • Irman Putera
  • Mike Brennan
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  • Radboud Vlaar
    Partner

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Finch Capital is a Financial Technology Investment firm founded in the fall of 2013. We invest in high growth companies primary in EMEA and prefer to invest after the seed round, when there is proof of concept and there are some revenues.

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  • Concertgebouwplein 9, Amsterdam Piccadilly 105, London
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Banks accused of failing to report true scale of cybercrime

Radboud Vlaar
November 7, 2014
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Post contributor:Radboud Vlaar, Finch Capital
Radboud Vlaar
  •  security
{

Committee chairman Andrew Tyrie is to question banks over allegations that they may be under-reporting instances of bank fraud because they don't want to frighten people. Tyrie made his comments following a Treasury Select Committee hearing into cybercrime and fraud held as part of its inquiry into the 'Treatment of Financial Services Consumers'. The Committee heard evidence from Dr Richard Clayton, a senior researcher in security economics at the University of Cambridge, who said that banks are reluctant to report the true extent of cybercrime for fear of spooking customers. He told the Committee that "insider" accounts of fraud losses are double the numbers generally reported publicly. In a statement following the hearing, Tyrie said that he would raise the issue with banks and regulators. “The Committee today heard that the amount of fraud reported by banks may substantially understate the true scale of the problem. This is concerning," he said. “I will be writing to the banks and regulators to obtain a fuller picture on this issue.” In July last year, a Home Affairs Committee report on e-crime accused British banks of letting cyber-crooks carry out crime in a 'black hole' of impunity by failing to report or investigate fraud.

http://www.finextra.com/news/fullstory.aspx?newsitemid=26676

featured image unknownx500

"Banks accused of failing to report true scale of cybercrime." I'm not surprised. #inc300 http://t.co/ioyxkzHLyD

— Chris Saleem (@chrissaleem) November 7, 2014

Finextra: Banks accused of failing to report true scale of cybercrime #dmb #digitalbank #cyber http://t.co/YYLlcOvhfB

— David M. Brear (@davidbrear) November 7, 2014

Finextra: Banks accused of failing to report true scale of cybercrime http://t.co/IfoRWkE08R

— Pierre-Luc Pomerleau, Ph.D. (@PLPOM) November 7, 2014

#fraud : Banks accused of failing to report true scale of cybercrime - Finextra... http://t.co/fgPDkkD5kw . Via: http://t.co/kh7SKn3r06.

— iGloobeCyber (@iGloobe_info) November 7, 2014

Banks accused of failing to report true scale of cybercrime: Treasury Committee chairman Andrew Tyrie is to qu... http://t.co/bMpcI9Wplc

— Mathew Cagney (@MathewCagney) November 7, 2014
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