Latest industry data issued by UK Finance highlights positive 8% year-on-year decrease in episodes of financial fraud
Financial fraud losses of £366.4 million in the first half of 2017 were 8% lower year-on-year, the latest figures produced by UK Finance have revealed. The data, which covers payment cards, remote banking and cheques, also highlights that the industry prevented over £750 million of fraud during the same period (or 67% of attempted fraud). This compares with £400.4 million of losses and £678.7 million of prevented fraud in the first half of 2016.
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 specific customers.
The new data emerges as the banking industry and Government join forces to launch the next phase of ‘Take Five to Stop Fraud’ – the national campaign that offers advice to help customers protect themselves from fraud. Launched on Monday 2 October, the next phase of the campaign is specifically focused on helping customers to recognise scams and confidently challenge any requests for their personal or financial details by remembering the phrase ‘My money? My info? I don’t think so’.
The industry helped to prevent over £500 million in attempted card fraud. Actual fraud losses on cards were down 11% on the same period the year before to £287.3 million. Card spending increased by 8.4% year-on-year across the six-month period, meaning that card fraud as a proportion of spending equates to 7.5 pence for every £100 spent, which is down from 8.7 pence in the first half of 2016. The figure peaked in February 2002 when it was 18.9 pence per £100.