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Cifas call for better fraud education as they reveal new figures

  • Cifas calls for more education around fraud
  • Any account can be taken over by fraudsters, including bank, credit card, telephone, email and other services
  • Over 325,000 fraud cases recorded by Cifas in 2016

Today  (Wednesday 10 May 2017) Cifas, the UK’s leading fraud prevention service which works closely with the City of London Police, has released a new report. The Fraudscape report details the fraud trends they have discovered from over 325,000 cases recorded by them in 2016. The data has been reported by over 387 organisations, including major UK brands.

Key findings from the Cifas’ annual Fraudscape report

·         Over 325,000 (325,092) internal and external fraud cases were recorded in total, up from 321,092 (1% increase) in the previous year

·         Organisations successfully prevented £1.03 billion in fraud losses through non-competitive data sharing

·         Identity crimes (identity fraud and facility takeover) remain the biggest threat, representing 60% of all fraud recorded

·         Facility takeovers rose for the first time in eight years, up 45% from 15,497 to 22,525

·         Over 50% of the facility takeovers recorded were enabled over the phone, typically to call centre staff

·         88% of identity frauds were committed online, compared to 30% of facility takeovers occurring online

As a result of the report Cifas is calling for more emphasis to be put on educating people about fraud in order to prevent facility takeover from taking place. Facility takeover happens when a fraudster poses as a genuine customer, gains control of an existing account and uses it for their own ends – such as making transactions or ordering new products or product upgrades. Any account can be taken over by fraudsters, including bank, credit card, telephone, email and other services.

We support this drive to increase fraud awareness by educating businesses and the public to this end.

City of London Police’s National Coordinator for Economic Crime, Commander Dave Clark said:

“Whilst national reporting of fraud and cyber crime has some way to go in representing the true scale and threat to our citizens and businesses in the UK; I welcome the stark reality that Cifas’ Fraudscape figures show from their member organisations.

“There are clear indicators in Fraudscape as to the key enablers of fraud being exploited by criminals; such as the telephone, online targeting and the fraudulent use of identity. The City of London Police and Cifas will continue to work with cross sector partners to pursue and disrupt fraud whilst also providing the most up to date protection advice to citizens and businesses”.


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