Financial fraud losses across payment cards, remote banking and cheques totalled £768.8 million in 2016, an increase of 2 percent on the previous year, figures from Financial Fraud Action UK show.
The new data shows banks and card companies prevented £1.38 billion of fraud last year, equivalent to £6.40 in every £10 of attempted fraud being stopped.
Impersonation and deception scams, as well as online attacks to compromise data, continued to be the primary drivers behind financial fraud losses in 2016. In all of these methods, criminals target personal and financial information, including card data, which is then used to facilitate fraud.
The 2016 financial fraud data shows...
Financial Fraud Action, 30 March 2017. 'UK financial fraud data for 2016 published' Finextra Research 2017. https://www.finextra.com/pressarticle/68672/uk-financial-fraud-data-for-2016-published