UK Finance - Annual Fraud Report

UK Finance - Annual Fraud Report

The lockdown may be over, but the enduring effects of the Covid-19 pandemic continue to impact families and businesses across the UK significantly. This is because fraudsters have become increasingly adept at adapting their methods to suit our lifestyles and consumer behaviour changes.

Most notable is the rise in impersonation scams and authorised push payment (APP) fraud overall. In 2021 communications regulator Ofcom found that eight out of ten people surveyed had been targeted with scam texts or phone calls intended to convince them that they were from trusted organisations such as banks, the NHS or government departments.

The majority of APP fraud starts with some type of social engineering. As well as scam texts, phone calls, and emails, more and more of us are paying for goods and services remotely. Fraudsters have become adept at convincing online users to divulge critical personal or financial information.

Criminals continue to exploit people's doubts and fears to trick victims into handing over personal details and passwords, which they can use to access financial accounts or set up fake ones. Equally, this information is subsequently used to dupe the victim into authorising payments to the criminal's account.

Methods include:

  • Manipulating social media users.
  • Fake websites that impersonate known brand names.
  • Impersonating utility and home delivery services.

Most people will have received an email or a text for a parcel they didn't order or a broadband provider they don't have, with instructions to 'click here to check your account.

To read the UK Finance 'Definitive Guide To Fraud' click the above download link.

If you have lost money in a scam, give us a call, we can help.