Recent high-profile data breaches have reminded us of the devastating impact fraud can have on victims, which is why it is imperative that we all work together to prevent it.
Criminals have become ever more inventive when it comes to fraud. In our latest fraud report, ‘Fighting Fraud – helping to keep customers safe’ we take a look at the latest tactics being adopted by fraudsters to try and steal consumers’ money, from phishing to impersonation fraud to Authorised Push Payment (APP) fraud.
We also address some of the many ways in which banks are working together to tackle fraud and protect consumers, ranging from the Banking Protocol scheme, to the Take 5 campaign and to the use of biometric tools. Close cooperation between the banking and finance industry and law enforcement is also crucial in fighting economic crime.
Figures show that banks and card companies prevented more than £1.4 billion of unauthorised fraud in 2017 – equivalent to £2 in every £3 of attempted fraud. In the first half of 2018 banks and card companies prevented a further £705.7 million in fraud.
But there is more that needs to be done. Consumers and businesses are the first line of defence, which is why it is vital that we all understand the types of threat posed by fraudsters, and the ways in which we can all protect ourselves.