Connect with us

International

UK Fraud at National Security Threat Level | fraud

Published

on

 


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.

Sign up for our daily Business Today email or follow Guardian Business on Twitter @BusinessDesk.

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.

Sources

1/ https://Google.com/

2/ https://www.theguardian.com/money/2021/sep/22/fraud-in-uk-at-level-poses-national-security-threat-bank-customers-covid

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]