The total value of fraud has risen 538% to £2.11bn in the last 15 years and is up 6.5% from £1.99bn in 2016. Volume of reported fraud increased 172% to 577, up from 212 cases in 2003. Fraud in the financial services sector increased dramatically in 2017 rising 318% to just under £900m according to latest research…

Christmas shoppers will spend record amounts on credit cards as consumers search for safer online shopping according to new research by Equiniti. Credit card payments have already seen an uptick in the value of payments made in 2017 with over £3 trillion already spent on credit cards up to October (the latest data available), compared…

A ground-breaking fraud prevention scheme aimed at identifying and protecting potential fraud victims when they visit a bank or building society branch has stopped more than £9 million being passed to criminals in its first year of operation, figures from UK Finance show. The Banking Protocol, developed as a partnership between the finance industry, police…

Latest figures released by The Public Accounts Committee show that online fraud most is now the most prevalent crime in England and Wales.  The Public Accounts Committee report said the Home Office cannot solve the issue, which has an estimated cost of £10bn, on its own. It is thought that only 20% of online fraud is…

One in ten UK adults (10%) have cancelled their credit or debit card in the last year due to attempted fraud, according to new research by comparethemarket.com. This equates to over five million people becoming the victims of the cybercrime in the last twelve months, highlighting the worrying levels of online fraud in the UK. In…

New data released by Cifas shows a sharp rise in the number of 18 to 24-year-olds who are letting their bank accounts be used to transfer the proceeds of crime. The statistics reveal a 75 percent increase in the misuse of bank accounts involving 18 to 24-year-olds during the first nine months of 2017, compared…

BSI, the business standards company, has launched a new code of practice that gives recommendations to organisations for protecting vulnerable customers from financial harm that might occur as a result of fraud or financial abuse. Sponsored by NatWest, the code of practice, PAS 17271:Protecting customers from financial harm as a result of fraud or financial…

New research by Callcredit Information Group found that the number of fraud professionals planning to use machine learning to tackle fraud in the next three years has doubled from 11% last year (2016) to 22% in 2017. In comparison, the number planning to deploy document verification to validate customers’ identity reduced by over 75% in…

The Information Commissioners Officer (ICO)’s Deputy Commissioner has reminded organisations to be transparent with people’s personal data after a survey revealed a significant deficit of trust that organisations must address if they want to innovate with personal information. New ICO research found that only one fifth of the UK public (20%) have trust and confidence…

The FCA has announced today that it is investigating the circumstances surrounding a cybersecurity incident that led to the loss of UK customer data held by Equifax on the servers of its US parent. The FCA has released a short statement announcing the investigation but did not provide further details. Earlier this month, Equifax admitted…

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