UK Financial Fraud Jumps 53% in a Year

UK Financial Fraud Jumps 53% in a Year

Financial Fraud Action UK (FFA UK) has joined forces with the City of London Police and Cifas on a new awareness-raising campaign after the latest figures released today revealed there were more than one million cases of financial fraud in the first half of the year, a 53% year-on-year increase.

Whether its payment card, remote banking or cheque fraud, an incident in the UK happened every 15 seconds between January and June this year, according to FFA UK.

There was no specific breakdown of how much of that came via cyber channels, but it’s likely to be significant.

The UK was the top “attack destination” for fraud in Q2, with global fraud incidents jumping 50% year-on-year in the period, according to ThreatMetrix figures out last month.

That’s why FFA UK is launching its 'Take Five' campaign with new research revealing that a quarter (26%) of Brits admit they still provide personal details to people claiming to be from their bank even if they don’t think they should.

Many said they either felt pressured to comply, were distracted with something else at the time, or else felt the con man was genuine.

Remarkably, more than a third (37%) thought they were being defrauded during the conversation but still continued with the transaction, the research claimed.

As part of the five steps campaign, consumers are being urged to: never disclose security details like their PIN; treat unsolicited calls and emails with suspicion; have the confidence to say ‘no’ and refuse unusual requests; and listen to their instincts.

'Take Five' is about knowing it is fine to stop a conversation or not to respond to an email so you can take a moment to think and take back control of the situation,” explained Tony Blake, senior fraud prevention officer at the DCPCU (Dedicated Card and Payment Crime Unit).

“Everyone needs to be vigilant and safeguard their information – if you get any calls, texts or emails out of the blue asking for your personal or financial details always take a moment to stop and think.”

In 2015, financial fraud losses amounted to £755m, representing a 26% rise in 12 months.

Source: Information Security Magazine