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UK Fraud at National Security Threat Level | fraud




According to major banking institutions, fraud in the UK reached 754 million stolen from bank customers during the first half of this year, a 30% increase over the same period in 2020 to a level that threatens national security.

UK Finance says scammers have taken advantage of the coronavirus pandemic and that criminals have become mules for money by targeting children under the age of 14 via social media.

Losses from bank transfer fraud rose 71% in the first half to 355 million, to nearly 2 million per day. These scams total 106,164, which is equivalent to 12 people being scammed every 30 minutes.

There has also been a noticeable increase in the use of cryptocurrency wallets to quickly move stolen money out of the banking system.

Consumer groups say banks often use the wrong way to blame their customers for fraud. However, UK Finance has revealed that the majority of criminal activity is taking place outside the banking system and has urged large tech companies to do more to crack down on fraud perpetrated on the platform.

Which consumer agency? The amount lost during the pandemic was staggering, he explained.

Previously, the biggest losses were scams using debit and credit cards, but this year the scammers have focused their activities on authorized push payment scams.

This often involves having email accounts hacked to trick individuals and businesses into sending money to bank accounts run by criminals posing as real customers.

Sometimes it involves people buying real estate or completing construction projects and having to pay significant sums, but it also includes many criminals masquerading as people looking for delivery companies, romance or investment companies.

In the first six months of 2021, there was a 123% increase in impersonation scams in which criminals seizing pandemic fears and sending fraudulent texts and emails pretending to be from trusted organizations such as the NHS or government departments increased 123% over the same period. last year.

Meanwhile, investment fraud losses increased by 95% as criminals took advantage of the low interest rate environment to post ads on high-margin social media.

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It is also changing the way criminals move stolen money, UK Finance said. They targeted people under the age of 14 to become mules through social media platforms. Their bank accounts are used to launder stolen money.

The fraud has now reached a level that threatens national security, he said. The UK Treasury is calling for government co-ordination across all sectors to address the issue, including ensuring that all economic crimes fall within the scope of online safety legislation.

which? Most of the money lost by bank transfer scam victims is still not being repaid. The shameful situation raises serious questions about the response of payment regulators and the bank’s actions to mislead customers, he added.




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