UK financial fraud losses dip 8%

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UK financial fraud losses dip 8%

Financial fraud losses of £366.4 million in the first half of 2017 were 8 per cent lower year-on-year, figures from UK Finance show. The data, which covers payment cards, remote banking and cheques, also shows that the industry prevented over £750 million of fraud during the same period, or 67 per cent of attempted fraud. This compares with £400.4 million of losses and £678.7 million of prevented fraud in the first half of 2016.

Fraudsters are increasingly trying to use customers’ compromised personal and financial information to carry out fraud. Details are primarily stolen through online attacks, such as data hacks and malware, as well as through impersonation scams directly targeting customers.

The new data comes as the banking industry and government join forces to launch the next phase of Take Five to Stop Fraud – the national campaign that offers advice to help customers protect themselves from fraud. Launching on Monday 2 October 2017, the campaign is focused on helping customers to recognise scams and confidently challenge any requests for their personal or financial details by remembering the phrase ‘My money? My info? I don’t think so’.

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