Better tactics need to be employed by financial institutions to ensure that fraud is reduced and consumers are reassured.

Dave Divitt, fraud solutions consultant at ACI Worldwide, claimed that with internal and insider fraud rising, there needs to be better tactics employed to reduce it.

Divitt said: “Banks' reputation has been destroyed enough already, and too many are directing fraud reports to the consumer call centre, this needs to be taken internally and they need to treat the customer with respect and determine who is correct and get results.

“In the UK this is split between dedicated fraud call centres and consumer call centre, but solutions are generally out of the loop.”

In terms of combating fraud, Divitt claimed that it had not quite started to happen at a fraud payments level, but he claimed that the industry needs to work together to cut down and stop fraud altogether.

“If banks share information in real-time, data can cut down fraud attacks,” said Divitt.

Nick Mothershaw, director of fraud and identity solutions at Experian, asked why data is not shared to cut down fraud. He said: “In the application space things are slower, but we have been sharing data for over 15 years.

“Maybe we should look at data pooling instead? Data sharing is only done with a fraudulent risk, we need to make the consumer aware that pooling or sharing data is done on their behalf and for their benefit and is not a risk."