News

More than 1 million cases of fraud in the first half of 2016

Date: 2016-10-20

A report published this month by Financial Fraud Action UK (FFA UK) has revealed that during the first six months of 2016, over a million cases of financial fraud occurred in the UK totalling £399.5 million – a 53 percent rise in incidents compared to the same period last year. 

The report published this month, suggests that fraudsters are using details obtained from data breaches to carry out remote purchases. Fraud by remote purchases increased from £171.7 million in January to June 2015 to £224.1 million during the first half of 2016 – an increase of 31%.

FFA UK is urging all organisations that hold personal and financial data to improve their security systems in order to prevent data breaches and encouraging anyone who thinks they have been a victim of fraud to contact their bank and Action Fraud immediately.

For more information on the FFA UK report, see the website here.

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