Fraud Situation in the UK
- A new report released by the UK Fraud Prevention Service, CIFAS, highlights a 9% increase in fraud rates in 2011 in the UK (vs. 2010): personal and banking information are still widely privileged by fraudsters. Half the times, the customer’s identify is targeted (notably for loan applications). Identity fraud impacted 113,000 victims (+10% compared to 2010). Bank account-related fraud has increased by 35%.
- Also, the number of attacks targeting bank accounts has evolved 18% (or almost 300% more within five years). In 13% of the cases customers themselves commit fraud through fraudulently using facilities they have legitimately accessed (services, account, etc.).
- According to CIFAS, the current economic context (cost of living, frozen pay levels, VAT changes, etc.) partly accounts for these evolutions. Prevention remains the best way to limit these risks (and subsequent financial losses): organisations and customers must remain cautious and implement efficient and relevant detection tools.
- Another report released by the UK Cards Association mentions a 7% decrease in card fraud rates to 341 million pounds in 2011 (lowest level in over ten years). CNP fraud accounted for 220.9 million pounds in losses in 2011 (-3% since 2010).