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Financial fraudsters hit every 15 seconds over the past six months

21 September 2016  |  4571 views  |  0 Security

More than one million incidents of financial fraud occurred in the first six months of 2016, according to official figures released by Financial Fraud Action UK (FFA UK), representing a 53% increase compared to the same period last year,

The data is released as FFA UK and all major banks and key financial services providers come together for the first time to launch a national campaign to combat the criminals. The campaign - Take Five - aims to arm consumers and businesses back with straight forward advice to help prevent financial fraud, with a focus on the mushrooming growth in email deception and phone and text-based scams.

Commenting, Katy Worobec, director of FFA UK, says: “Last year, banks stopped £7 in £10 of attempted fraud from happening. But as the banks’ systems get more advanced, fraudsters turn their attention elsewhere and sadly this often means tricking people out of their personal details and money. Alongside the banks, people can also play an important part in helping us to stop financial fraud and protect themselves. We are asking people to take five - to take that moment - to pause and think before they respond to any financial requests and share any personal or financial details.”

New research from FFA UK reveals almost three quarters (73%) of people claim they are aware of the methods fraudsters use. Yet, at the same time more than a quarter (26%) of people admit they still provide personal details to people claiming to be from their bank even if they do not think they should.

The most common reason for respondents sharing their details was because they felt the person seemed genuine (43%) while almost four in ten (39%) said it was because they felt pressured. Almost four in ten (38%) also said it was because they were busy/in the middle of something and wanted to get them off the phone quickly.

Tony Blake, senior fraud prevention officer, DCPCU (Dedicated Card and Payment Crime Unit), comments: “Many people already know the dos and don’ts when it comes to sharing personal details, but it is easy to forget if you feel flustered, pressurised or rushed into sharing information. Take Five is about knowing it is fine to stop a conversation or not to respond to an email so you can take a moment to think and take back control of the situation.”

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