Britons lost more than £1bn to fraudsters last year, new figures show, as purchase scams surge to a record high and social media firms face tough questions over the high levels of fraud originating on their platforms.

Criminals stole a total of £1.17bn through unauthorised and authorised fraud in 2023, according to data reported by members of trade body UK Finance, which include banks, card issuers and other payment firms.

Total losses were down four per cent from the previous year, while banks prevented a further £1.25bn of unauthorised fraud through their security systems.

https://www.cityam.com/brits-lost-more-than-1bn-to-fraudsters-last-year-as-purchase-scams-hit-record-high/

The annual research by the trade body found the number of scam cases dropped last year. But more than £1bn was stolen by criminals.

Fraudsters were less successful with their scam activity in 2023 but still managed to steal £3.2m a day, new figures from UK Finance have suggested.

https://moneyweek.com/personal-finance/uk-finance-scam-report-fraud-banks-criminals

A record purchase scam level is behind the rise in APP fraud cases in 2023, UK Finance has warned. A record amount was lost to purchase scams last year, where people were tricked into paying for goods that never materialised, UK Finance said.

https://uk.news.yahoo.com/lloyds-bank-warns-customers-1-165009403.html

A recent trial by the Department for Work and Pensions (DWP) has revealed that tens of thousands of benefit claimants may be breaking the rules. The DWP asked two high street banks to monitor the bank accounts of individuals receiving Universal Credit, Pension Credit, or ESA (Employment and Support Allowance).

https://uk.news.yahoo.com/dwp-trial-bank-account-monitoring-115918668.html

The cost of fraud in the UK more than doubled to £2.3bn in 2023, according to BDO’s ‘FraudTrack’ report, with the number of reported cases rising by 18 percent to a three-year high.

Employees can commit fraud in a wide variety of ways, including dishonest sales practices, hiding important information from consumers or investors, and dishonest practices in financial markets. Individuals, other organisations or the taxpayer may end up defrauded and out of pocket as a result.

The question for organisations is how to defend against this ongoing tsunami of fraudulent activity.

Businesses should expect the UK’s Information Commissioner’s Office (ICO) to undertake more ‘own initiative’ investigations into compliance with UK ‘cookie laws’ in the months and years ahead, an expert in data protection and privacy law has said.

https://www.pinsentmasons.com/en-gb/out-law/news/uk-cookie-law-enforcement-not-dependent-on-complaints

A new report published by the UK’s data protection authority can help organisations around the world better understand the emerging cyber threats they face – and act accordingly.

The issues flagged by the Information Commissioner’s Office (ICO) – including the risk of cyber attacks on supply chains; the evolution of the ‘phishing’ threat; and the growth of ransomware – chime with the experience of Pinsent Masons’ cyber risk team in advising organisations around the world on how to prevent, manage, and respond to cyber incidents.

https://www.pinsentmasons.com/out-law/analysis/supply-chain-cyber-risk-among-growing-global-threats

People are most likely to be scammed in the afternoon, a survey indicates. A survey of more than 3,000 people across the UK who have fallen victim to fraud in the past two years found 43% were scammed in the afternoon – making this the most likely time of day when people said they fell victim to fraud.

https://uk.news.yahoo.com/exact-time-day-most-iikely-060329302.html

Jonathan Denton, formerly of US law firm Locke Lord, was convicted of two frauds alongside more than a dozen other individuals.

The multi-year investigation interviewed witnesses from across the UK, Europe, America and the Far East, and examined bank records linked to dozens of individuals and companies, North Yorkshire Police said.

https://www.legalcheek.com/2024/05/ex-city-lawyer-handed-15-year-jail-term-for-role-in-30-million-ponzi-scheme/

Claire Hills, a Director at bennettbrooks, outlines the requirements of the new economic crime legislation.

The Economic Crime and Corporate Transparency Act 2023 (ECCTA) was granted Royal Assent on 26 October 2023. There has been widespread press coverage on some of the other ECCTA provisions such as new Companies House enforcement powers (along with increased filing fees to pay for them), verification of directors’ identity and increased accounts disclosure. However, it also contains a new groundbreaking measure: ‘the Failure to Prevent Economic Crime” criminal offence which will render large companies liable for fraud committed by their employees where the fraud was committed with the intention of benefitting the organisation or those to whom it provides services. We consider the offence and implications for businesses.