The customers losing 500 million pounds in six months.
Banks’ efforts to prevent customers from becoming victims of fraud have been described as “unfortunate” after new figures reveal that criminals stole more than half a billion pounds of fraud in just six months.
According to its own study of the financial sector, published on Tuesday, customers were cheated of 503.4 million pounds between January and June.
Preferred methods include rape victims who pay in advance for a non-existent product or service, or imitation of a trusted organization such as the police found by UK Finance.
The industry association of financial services companies has warned people against auction sites and social media.
The study found that in the first six months of 2018, 3,866 identity fraud cases were reported.
In these scams, criminals claim to belong to the police, a bank or other organization and try to trick the victims into transferring money, often claiming that there has been fraud in the account.
The sums involved can be considerable, with an average loss of $ 11,402 for police and banking fraud. This is known as authorized fraud because the victim mistakenly gave permission to transmit.
The financial sector claims to have prevented 705.7 million pounds of illegal fraud in the first half of 2018, but what? These banks have to do a lot more. In 2016, he filed a “super complaint” highlighting the lack of protection of victims.
Gareth Shaw, a money expert with consumer groups, called the latest numbers “shocking”.
“The banks’ past efforts have been cruelly inadequate and they have not done enough to protect their customers, who continue to lose money that is changing lives for the benefit of more and more sophisticated crooks,” he said. declared.
“The payment systems regulator has a legitimate commitment to put in place a system of reimbursement for the victims, it is time for the banks to stay informed and adequately compensate the people who have lost money without let them be responsible. ”
The so-called “Authorized Push Payment” (APP) cameras caused a total loss of £ 145.4 million over the six-month period for 34,128 consumers in the United Kingdom. They constitute a particular danger because the victims currently have no legal protection to recover the money.
An APP scam prompts the account holder to authorize a payment on another account. UK finance said it has worked with consumer groups and the payment system regulatory system to come up with proposals to fight these scams and put in place an industry code that clearly outlines the circumstances under which fraudsters the APP will be compensated.
Fraud and fraud are a “big threat” for the country, said Katy Worobec, UK director of crime in the financial sector.
“Crime criminals target their victims indiscriminately, and the proceeds of this funding are used to finance terrorism, smuggling and drug trafficking, whether or not the person is fired.
“Every part of society must help end this threat, including ending data breaches that are leading to more and more fraud.
“The financial sector is committed to defending itself and investing millions of dollars in security systems and cyber defense measures to protect its customers.
“We have introduced new standards to ensure that fraudsters get help from their payment provider, we help law enforcement to disrupt criminals and freeze stolen money, and we help the government to improve the exchange of information to eradicate the threat “