Fraud - The Facts 2021

Our Fraud - the Facts 2021 report, sponsored by LexisNexis Risk Solutions, highlights that last year the banking industry worked hard throughout the pandemic to protect customers from fraud and to go after the criminals behind it, with over £1.6 billion of fraud stopped in 2020. However, criminals turned to online and technology-enabled scams to exploit people's fears about the Covid-19 pandemic, evading banks? advanced security systems and using digital platforms to target victims directly and tricking them into giving away their money or information, avoiding banks? security measures.

These have included impersonation scams, where the criminals pose as a trusted organisation to get money or financial details - examples include fraudulent emails claiming to offer government support to those impacted by the pandemic and scam text messages requesting payments to book a Covid-19 vaccine. 

We have also seen the emergence of criminals openly advertising fraud and scam services for sale online, including template phishing websites and custom-built scam apps which replicate real banking apps. UK Finance is calling for new legislation to make online platforms responsible for taking down fraudulent content and better protect consumers from these scams. The banking industry continues to work closely with the police to prevent fraud and catch and prosecute the criminal gangs responsible.

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