Skip to content
Home » UK loses £1.3bn to fraud and cyber crime to date this 12 months

UK loses £1.3bn to fraud and cyber crime to date this 12 months


People and organisations within the UK reported losses of £1.3bn to fraud and cyber crime between 1 January and 31 July 2021, a threefold enhance on the year-ago determine of £414.7m, as reported cases of cyber crime spike by seven instances, rising from 39,160 to 289,437.

That is in keeping with newly printed knowledge collated by the Nationwide Fraud Intelligence Bureau, which has simply been made out there. The information reveals main spikes in reported cases of such crimes between January and March 2021, on the peak of the UK’s second main pandemic lockdown, with greater than 137,000 crimes leading to losses of £625.6m reported throughout the first quarter.

Regionally, the most important losses have been seen in London, the South East and Jap England, with over £629m misplaced to Londoners alone, £236.2m within the South East and £233.3m in Jap England.

This compares with losses of simply £47.6m throughout Scotland, £45.9m in Tarian – the Regional Organised Crime Unit overlaying the Dyfed-Powys, Gwent and South Wales Police forces, and £24.5m in Northern Eire.

Smaller figures nonetheless have been recorded within the Isle of Man, Jersey and Guernsey, though these areas ought to be thought of outliers within the knowledge due to their a lot smaller comparative populations.

Damaged out in a bit of extra depth, the most important losses to cyber crime particularly have been reported in Tarian (Wales), adopted by London and South West England, whereas the East Midlands, North East England and Scotland recorded the bottom quantities, adopted once more by the three Crown dependencies.

Christos Betsios, cyber operations officer at Obrela Safety Industries, stated the info highlighted the extent to which cyber crime seemed to be getting uncontrolled – significantly for the reason that introduction of the Covid-19 pandemic, the outcomes of which might now be clearly seen within the figures.

“The truth that the monetary losses have elevated by thrice in simply the final 12 months may be very worrying and the dangerous information is that issues are solely going to worsen,” stated Betsios.

“The UK authorities should take pressing motion and take extra steps in educating the general public on cyber crime and the methods criminals use, significantly round textual content scams, that are stated to be the quickest rising and mostly used method within the nation at the moment.

“Individuals have to be reminded to not click on on hyperlinks in emails except they know for certain they’re real, to not switch cash to somebody they don’t know and to keep away from opening e-mail attachments except they’ll confirm they don’t seem to be malicious.”

Talion chief operations officer Keven Knight stated: “Whereas everybody thought 2020 was the 12 months cyber crime actually began to get uncontrolled, it was clearly only a warm-up. These figures are very alarming and spotlight that cyber crime is rising at a a lot sooner price than we might ever have anticipated and shoppers and companies throughout the UK are shedding hundreds of thousands by the hands of the menace.

“The information highlights an pressing want for higher training and consciousness throughout the private and non-private sector across the methods cyber criminals use and methods to keep away from falling sufferer to assaults. In any other case, we are going to quickly be calling 2021 a warm-up 12 months as nicely.” 

Individually, knowledge reported by Experian at the moment has revealed that checking account fraud particularly has reached its highest stage for over three years. The fraud price for present accounts rose by 13% in Q2 in contrast with Q1, and by 24% in contrast with the identical interval in 2020. Confirmed fraudulent openings for financial savings accounts in Q2 have been up 5 instances 12 months on 12 months, and mortgage fraud charges rose by 63% on the identical foundation.

Experian’s Eduardo Castro, head of identification and fraud for the UK and Eire, stated the rise in fraud might partly be attributed to raised reporting and the usage of new applied sciences, akin to machine studying, to detect fraud.

“New applied sciences are serving to companies to flag probably fraudulent exercise proper in the beginning of the applying and account opening course of,” he stated. “In the meantime, clients have gotten more and more snug utilizing refined safety strategies akin to bodily biometrics and facial recognition, and pin codes despatched to cell units to confirm their identification.

“Companies that may deploy these technique of verification will really feel the good thing about each assuring their clients that they take safety significantly and understanding that who they’re coping with is who they are saying they’re.”

Castro added that each shoppers and companies must be made higher conscious of the menace that scams and fraud pose, and that organisations ought to be making fraud prevention a precedence.


Supply hyperlink