UK Fraud Hits £1.1bn As Cyber Crime Soars

The value of fraud committed in the UK last year topped £1bn for the first time since 2011, prompting a warning about increasing cyber-crime and the risk of more large-scale scams as the economy comes under pressure.

The 55% year-on-year rise in the value of fraud to £1.1bn reported in the court system was recorded by accountants KPMG, which found that while the cost of fraud was higher the number of incidents was lower.

Highlighting a dramatic rise in cyber-crime, KPMG’s statistics included a £113m cold-calling scam for which the ringleader received an 11-year jail sentence in September. Feezan Hameed was caught after targeting 750 Royal Bank of Scotland customers in the biggest cyber-fraud the Metropolitan police had seen.

Hitesh Patel, UK forensic partner at KPMG, said: “The figures for 2016 tell us two things. Firstly, that we can expect more of these super frauds as challenging economic circumstances place pressures on businesses and individuals and as technology becomes more sophisticated.

“Secondly, that this is going to put even more strain on law enforcement agencies who don’t have the resources to investigate every report of fraud that they receive: getting the large, often cross-border and complex frauds to court is extremely time consuming and resource intensive. This places much more emphasis on businesses and consumers to protect themselves from fraudsters who will take advantage given the opportunity.”

KMPG found £900m of fraud from just seven “super cases”, with a value of £50m or over, compared with £250m a year ago.

It pointed to a 51-year-old Leicester man jailed for six years for master-minding a £60m fraud to supply free cable TV using illicit set-top boxes, who promoted the business on Internet forums and his own website.

Patel said: “Through the rapid rise of technology and online platforms, more people than ever are being targeted by fraudsters who have unrestricted access to a larger pool of victims.

“However, we are also seeing the Internet being used by consumers who are being tempted to obtain goods and services that they have, or perhaps should have, a fair idea that they are not legitimate.”

Guardian:    Guardian:        Lloyds Bank Cyber Attack:

True Extent Of UK Cybercrime & Fraud Revealed:

 

« A Hybrid AI System That Is x 3 Better Than Automated Systems
Stop Arguing On Social Media »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Perimeter 81 / How to Select the Right ZTNA Solution

Perimeter 81 / How to Select the Right ZTNA Solution

Gartner insights into How to Select the Right ZTNA offering. Download this FREE report for a limited time only.

XYPRO Technology

XYPRO Technology

XYPRO is the market leader in HPE Non-Stop Security, Risk Management and Compliance.

IT Governance

IT Governance

IT Governance is a leading global provider of information security solutions. Download our free guide and find out how ISO 27001 can help protect your organisation's information.

Authentic8

Authentic8

Authentic8 transforms how organizations secure and control the use of the web with Silo, its patented cloud browser.

BackupVault

BackupVault

BackupVault is a leading provider of automatic cloud backup and critical data protection against ransomware, insider attacks and hackers for businesses and organisations worldwide.

Openminded (OPMD)

Openminded (OPMD)

Openminded is a French security and network services company.

Hypersecu Information Systems

Hypersecu Information Systems

Hypersecu Information Systems, Inc. is a solution provider dedicated to multi-factor authentication, public key infrastructure and software copyright protection.

ReFoMa

ReFoMa

ReFoMa is a consultancy and advisory company with a focus on information Security.

H-11 Digital Forensics

H-11 Digital Forensics

H-11 Digital Forensics is a global leader of digital forensic technology.

Cybertonica

Cybertonica

Cybertonica is a FinTech company which detects and prevents fraudulent transactions and reduces risk for financial services organisations.

TOAE Security

TOAE Security

TOAE Security is a trusted cyber security consulting partner helping today's leading organizations protect their most important assets from evolving cyber threats.

CryptoMill Cybersecurity Solutions

CryptoMill Cybersecurity Solutions

CryptoMill Cybersecurity Solutions provides advanced, innovative data security solutions for enterprises, professionals and individuals.

Transpere

Transpere

Transpere provides IT Asset Disposition (ITAD), Data Destruction, Electronic Recycling and Onsite Data Services.

1Kosmos

1Kosmos

1Kosmos provide Digital Identity and Passwordless Authentication for workforce and customers. Powered by advanced biometrics and blockchain technology.

Zemana

Zemana

Zemana provides innovative cyber-security solutions to deal with complex malicious software and other cyber threats.

Syracom

Syracom

syracom is a consultancy firm specialized in development of efficient business processes. With our expertise and IT competence, we develop tailored solutions for customers in various industries.

Computer Services Inc (CSI)

Computer Services Inc (CSI)

CSI is a leading fintech, regtech and cybersecurity solutions partner operating at the intersection of innovation and service.

Open Web Application Security Project (OWASP)

Open Web Application Security Project (OWASP)

The Open Web Application Security Project (OWASP) is a nonprofit foundation that works to improve the security of software.

Radix Technologies

Radix Technologies

Radix offer end-to-end device management solutions, consolidating all the organization devices, processes and stakeholders into one easy-to-use management platform.

WillJam Ventures

WillJam Ventures

WillJam Ventures are a private equity firm focused on investing in world-class cybersecurity companies that will become the next generation of leaders in protecting the world’s digital assets.

Walacor

Walacor

Walacor’s secure data platform represents the next generation of secure data and blockchain storage with a trust-first approach that revolutionizes enterprise data, and database management systems.