The UK’s leading fraud prevention service, Cifas has today released a report called Fraudscape which covers the fraud trends of 2016.
The report details the trends from 325,000 internal and external fraud cases recorded last year with data being reported to them by over 387 organisations, including major UK brands. The figures are up from 321,092 in the previous year.
In addition, the report found that facility takeover increased by 45% with over 50% being enabled over the phone, often through call centre staff.
Facility takeover is when fraudsters pose as a genuine customer and then gain control of a user’s account. They can make transactions, order new products and the account can be taken over by the fraudster including bank, credit card, telephone, email and other services.
City of London Police’s National Coordinator for Economic Crime, Commander Dave Clark, said: “Whilst national reporting of fraud and cyber crime has some way to go in representing the true scale and threat to our citizens and businesses in the UK, I welcome the stark reality that Cifas’ Fraudscape figures show from their member organisations.
“There are clear indicators in Fraudscape as to the key enablers of fraud being exploited by criminals; such as the telephone, online targeting and the fraudulent use of identity.
The City of London Police and Cifas will continue to work with cross sector partners to pursue and disrupt fraud whilst also providing the most up to date protection advice to citizens and businesses”.
Cifas urges for more emphasis to be put on educating people about fraud in order to prevent facility takeover from taking place.
When the GDPR comes into force next year, companies will have to report all breaches and show that they demonstrate compliance, or they may face a large penalty.
The next GDPR Conference Europe is taking place on June 20th. For more information visit here