UK Financial Fraud Nears £400 Million
Financial fraud in the first half of the year reached £399.5 million and was driven mainly by online attacks, according to Financial Fraud Action UK.
The latest stats show an increase in fraud by 25% on the same period last year, when total losses stood at a little over £320 million.
Remote purchase fraud, which presumably is mainly e-commerce related, jumped by nearly a third (31%) to reach £224 million in the first half of 2016.
Financial Fraud Action UK claimed this is being driven by an ever-growing volume of breached card data turning up on the dark web and an increasing number of e-commerce sites to target.
When it comes to remote banking – online and by telephone – there was a slight increase in losses, from £66.2m in the first half of 2015 to £70.6m so far this year.