UK: Financial fraud incidents happen every 15 seconds

EPA/ANDY RAIN

BRITAIN FINANCE BANK OF ENGLAND

According to financial figures released by Financial Fraud Action UK (FFA), more than 1 million incidents of financial fraud occurred only in the first six months of 2016.


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The number of fraud incidents in the financial industry of the UK increased by 53 %, compared with 2015. These figures mean that fraud happened every 15 seconds between January and June 2016.

According to FFA, an organisation, which coordinates activities of the UK banks against financial crimes, the number of fraud incidents during the first six months of 2016, was 1,007,094 cases. The figures released, which cover payment cards, remote banking and cheque fraud, show that there is a significant increase in fraud in the UK, as in 2015 the number of such crimes was 660,308 cases.

“Banks and other financial service providers work hard to protect their customers, using highly sophisticated security systems. Last year, banks stopped £7 in £10 of attempted fraud from happening,” Katy Worobec, Director of FFA UK, said.

Despite all the efforts, the prevention of fraud incidents remain a challenging task, as with advancement in banks’ security systems, fraudsters turn their attention elsewhere, which often means tricking people out of their personal details and money

According to new research published by the organisation, almost three quarters of people claim they are aware of the methods fraudsters use, whereas more than a quarter admit that they still provide personal details to people claiming to be from their bank even if they do not think they should.

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