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Fraud around every corner?

The latest round of industry statistics paints a bleak picture of UK fraud. CIFAS’s latest report identified a 9% growth in fraud, whilst also highlighting an 18% growth in account takeover related fraud, and 13% for misuse of facility fraud (first party fraud).

This comes of the back of last year’s National Fraud Authority report that recognized fraud was an estimated £38.4bn problem for the UK. More recently statistics on UK CyberCrime fraud tune in at estimated £3.7bn.

While UK PLC continues to shine the light and be more transparent on our national fraud problem than many other countries, I wonder what legacy we are leaving for our kids? Are we breeding a society where fraud is now longer a nation of shopkeepers, but fraudsters?

Perhaps the time has come for the UK to take a more mandatory approach to fraud prevention, similar to the F.F.I.E.C efforts in the USA? Clearly, we need to start tackling some of the challenges – social engineering, data breaches, customer education and ignorance all play a part in how the fraudster perpetrates their crime.

Investing in more solutions to disrupt and deter fraudulent activity from happening in the first place will also help, and more funding for targeting Police efforts in managing away this problem. Political food for thought… and perhaps a question for Mr Cameron’s big society as we step into Olympic year?


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