UK Fraud Dominated By Cyber

UK Fraud Dominated By Cyber

The UK’s Office for National Statistics (ONS) has released its crime in England and Wales statistical bulletin, noting a preponderance of cyber-related fraud within its year-long analysis timeframe.

Between June 2017 and one year prior, there were 3.3 million incidents of fraud in England and Wales alone, according to the Crime Survey for England and Wales (CSEW). The report said that the most common type of fraud reported was bank and credit-card fraud, with more than 2.5 million incidents in the period.

Of these, more than half (1.9 million incidents or 57%) were cyber-related, according to the bulletin.

“This level of recorded fraud figures is astounding, and bad news for consumers who often bear the brunt of many direct costs and pains—especially in account takeover and new account fraud,” said Ryan Wilk, vice president at NuData Security. “The increasing volume of attacks globally has also been attributed to more fraudsters willing to commit the crime, more data available on the black market and more financial institutions and merchants that are vulnerable to attacks. It’s incumbent upon companies to secure their customers’ trust by keeping their accounts safe from hackers without hurting their customer experience. They can’t afford to hear their customers say, ‘My account got hacked again.’”

The CSEW also said that of the roughly 1.6 million adults who experienced a computer misuse crime, about two-thirds (67%) were related to computer viruses and malware. The rest involved personal data breaches and various hacking incidents.

“To detect out of character and potentially fraudulent transactions before they can create a financial nightmare for consumers, we must adopt new authentication methods that they can’t deceive,” Wilk said. “Solutions based on consumer behavior and interactional signals are leading the way to provide more safety for consumers, and less fraud in the marketplace.”

Source: Information Security Magazine