The Financial Fraud Action UK (FFA UK) has published its latest figures on financial fraud for 2015. The data highlights a 26% increase in total losses to financial fraud from 2014, reaching £755 million in 2015.
The 2015 financial fraud figures reveal:
- 18% increase in fraud losses on UK payment cards (£567.5 million from £479 million).
- 72% increase in remote banking fraud losses (£168.6 million from £98.2 million).
- 7% increase in card spending (equating to 8.3p for every £100).
- 6% decrease in cheque fraud losses (£18.9 million from £20.2 million).
FFA UK explain that the key drivers of the changing fraud figures in 2015 were impersonation and deception scams, use of information through data breaches and use of malware and phishing emails.
The industry continues to tackle financial fraud through a number of key methods, both at an individual and governmental level, most notably by:
- Developing more sophisticated ways of authenticating customers, such as biometrics and customer behaviour analysis.
- Using the collective powers, systems and resources of government whilst working alongside initiatives such as the new Joint Fraud Taskforce launched by the Home Secretary in February 2016.
- Establishing and fully sponsoring specialist police units that focus directly on cybercrime.
- Educating customers on the potentials threats of financial fraud and raising the issue through the development of a national multi-sector awareness campaign.
The data revealed by FFA UK underlines the importance of protecting personal information from the ever-increasing threats posed by deception scams and online attacks.