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Saturday 20 October 2018


Financial fraud drops eight per cent in the UK

Written by Chris Lemmon

Total losses on card, remote banking and cheque fraud were £366.4 million in H1 2017 – eight per cent lower than H1 2016, new figures from UK Finance show.

The data also revealed that the industry prevented over £750 million of fraud during the same period, or 67 per cent of attempted fraud. This compares with £400.4 million of losses and £678.7 million of prevented fraud in the first half of 2016.

Card spending increased by 8.4 per cent over the period, with actual fraud losses on cards down 11 per cent to £287.3 million. This equates to card fraud accounting for 7.5p for every £100 spent, down from 8.7p last year.

£160.2 million of remote banking fraud was prevented. Remote banking fraud totalled £73.8 million, a 3 per cent rise from £71.5 million in the same period in 2016. This covers criminals gaining access to an internet, phone or mobile banking account to make an unauthorised transaction.

Fraudsters are increasingly trying to use customers’ compromised personal and financial information to carry out fraud. Details are primarily stolen through online attacks, such as data hacks and malware, as well as through impersonation scams directly targeting customers.

Katy Worobec, head of fraud and financial crime prevention, cyber and data sharing at UK Finance, said: “Tackling fraud is a top priority for the entire industry. But financial fraud is not just an issue for the banking sector – its harmful effects stretch far and wide.

“This is why when it comes to prevention, protection or deterrents the industry is committed to taking a collaborative approach to curb these crimes and is launching the latest Take Five consumer campaign. Whether it’s banks refining their own security systems or a retailer holding customer data securely, everyone has a part to play.”

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