As criminals become ever more imaginative in their attempts to steal customers’ money, fraud continues to pose a major threat to the UK, which shows no sign of changing. This year, criminals have been exploiting and adapting to Covid-19 with a growth in fraud and scams that target people online, taking advantage of fears and uncertainties around the virus.
This is demonstrated by a rise in the number of various types of fraud, such as impersonation scams, authorised push payment (APP), remote banking and mobile banking fraud. The finance industry is working hard to tackle fraud but it is vital that government, regulators, and other sectors continue to step up and play their part in detecting and preventing this criminal activity.
Compiling data from UK Finance’s 2020 Half Year Fraud Update, we’ve produced the below infographic summarising recent UK fraud activity.
Click image to enlarge
Our 123signed technology is a fully automated merchant and consumer onboarding and monitoring solution providing identification and verification of personal and corporate data. To learn more about how we can help you manage your risk with real-time verification, click here.