For those for you that have been tracking the NFA’s last estimate was £38.4bn, but the rise is really buried in the detail and largely attributed to the NFA casting their net on UK PLC a little wider and completing more granular analysis. There is also
some interesting comparative finger point for example UK Government sector at £20.3bn, whilst UK Financial Services sector tune in at a mere £3.5bn. Some sectors are clearly doing better than others – and those that are going better seem to be the sectors
which the media focus attention on. I also suspect there may be some element of double counting going on here as ID Fraud (£1.2bn recorded against Individuals), also impacts upon other sectors i.e the fraudster impersonates someone to obtain a line of credit.
But what about the bigger picture where is all leading? Each sector will be linked to a bank account, or financial services product. Fraudsters will perpetrate their crime for financial gain. So theoretically where is all this money flowing - and where do
we stand on the money laundering issue? And more importantly are we building a picture of actionable intelligence for law enforcement to bring prosecutions against the perpetrators? Clearly the NFA’s is banging the drum for the call to action.