Financial scams ‘now a threat to UK’s security’
Financial fraud should be treated as a national security threat, experts have said. An industry trade body warned criminal gangs were now bypassing banks' advanced security systems and targeting customers directly.
UK Finance said purchase scams – where people are tricked into transferring money to a fraudster – made up more than 50 percent of cons in the first half of this year.
There were 95,219 authorised push payment (APP) scams, with gross losses of £249.1million.
UK Finance said £90.5million of APP scams was due to criminals impersonating people such as bank staff or police.
And £61.2million was lost to investment rip-offs. Romance cons accounted for £16.6million of APP fraud losses.
Katy Worobec, of UK Finance, said: “The level of fraud in the UK is such that it must be considered a national security threat."
“This is why it is key that other sectors work with us."
“Fraud remains a persistent threat to businesses, consumers and the growth of the economy, not to mention the reputation of the UK as a place to do business.”
Rocio Concha, of consumer champion Which?, said: “The UK is in the grip of a scams epidemic.”