Fraud & Security 2016 UK Fraud Figures Show Disturbing Trend
Financial Fraud Action UK (FFA UK) recently released their 2016 UK fraud performance report. Whilst there were some logical changes between 2015 and 2016, I was surprised at the fluctuation and significant shifts fraudsters have made in order to circumvent existing controls. Here are some highlights and lowlights I took from the report. Overall, UK fraud losses were up again and this is due to a combination of shifts between fraud types and an increase in the number of victims of fraud (cases). What did surprise me was the rate at which the gross losses increased compared to the value prevented had decreased. For example, Industry losses increased by £13 million (2%), yet the value prevented was reduced by a staggering £380 million (22%). This means that we prevented far less of the overall fraud attack in 2016 than we did in 2015. Here are some other interesting stats: Card... [Read More]