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City of London Police respond to banking fraud figures

Today, Thursday 30 march 2017, Financial Fraud Action UK published the 2016 fraud data figures for banking. Below is the response from the City of London Police as the lead force for fraud. City of London Police also runs Action Fraud, the national reporting centre for fraud and cyber crime.

Chief Supt Dave Clark, Head of Economic Crime Directorate at the City of London Police said “Today’s financial fraud figures show the sophisticated methods the banking industry has invested in to not only identify the threat but also prevent it. These figures show that banking prevents £1.38 billion from ending up in the hands of criminals.

“The evidence we see from victims reporting to Action Fraud is that criminals look for the weakest link in data and cyber security, and other industries need to invest more time, effort and resources into ensuring they identify and prevent the growing threat from fraud and cyber crime.

“The potential damage to a business from such crimes cannot be underestimated and we are seeing businesses fail due to crimes that could have been prevented.

“But as these figures indicate more can be done to prevent fraud by industry, Government and policing alike. With nearly half of all crime now either fraud or cyber crime we all need to ensure we make the UK a hostile place for fraudsters to operate.

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