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A big fraud or a fraud killer? Chris Kennedy on cloud computing's opportunity to enhance its image by helping organisations to combat online payment scams.

Document Cited in Related
Vincent
AuthorKennedy, Chris
PositionGENY

One of the most hyped, yet misunderstood, strategies of recent years is the new world of business evangelised by the proponents of cloud computing. Few new commercial IT solutions emerge today without reference to the cloud and the wonders held within it. Although many financial professionals remain reluctant to take advantage of cloud computing--deterred by security concerns and the fear of losing control over their data--the cloud is actually beginning to play its own role in improving information security and preventing fraud.

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BEHIND THE TECHNICAL COMPLEXITIES and the jargon, the cloud comes back to one simple premise. It means that businesses no longer need to make massive investments in hardware such as file servers, yet it offers them the ability to create virtual computers that sit on the internet and perform the functions they need, as and when they need them. If you're busier than normal, you can simply add a few virtual machines. When things are quieter, you can turn a few off. The cloud enables you to adjust your organisation's technology processes as it changes size and its technology needs develop.

ONLINE FRAUD is the next great hurdle for the internet. Last year, more than $1.4trn-worth of transactions were completed on the web. Although this represents only 5 percent of total retail commerce, the proportion of money lost as a result of internet fraud is increasing rapidly. At present, almost 1.6 per cent of all online transactions turn out to be fraudulent. At the current...

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