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25th September 2018
Fraud now more common than burglary, says UK Finance
Opinion
Fraud and computer hacking are ten times more common than burglary with the value of such crime equating to almost £200bn a year, according to figures by Which? Responding to this, a UK Finance spokesperson said:
“The finance industry invests millions of pounds in advanced security systems to protect customers and last year prevented £2 in every £3 of attempted unauthorised fraud. Intelligence is continuously shared across the industry and with law enforcement to crack down on fraud and the criminals responsible.
“The industry also fully sponsors a police unit dedicated to tackling banking and card fraud, which successfully prevented £25m of losses and disrupted seven organised criminal gangs in the first half of this year alone. Customers should always follow the advice of the Take Five to Stop Fraud campaign, and be wary of any requests out of the blue asking for personal or financial details or to transfer money.”
Meanwhile, one in every 100 emails is a scam, according to US-based security company FireEye. Katy Worobec, managing director of economic crime at UK Finance, said: “Criminals are increasingly using phishing emails to trick people into giving away personal financial details. These emails are sophisticated and often impersonate trusted brands including major online retailers, internet and utility companies, that a large proportion of recipients are likely to use.”