The crisis for Anna began with an advertisement for an electric toothbrush. In a matter of weeks, internet fraudsters stole £200,000 from the 78-year-old widow, all of her savings. “I’m still very surprised,” says Anna, who doesn’t want to reveal her full name. “The feelings of guilt and shame cannot be described.”
Online community is not as bad anywhere in the world as it is in the UK. The super-fast payment infrastructure, relatively lax controls and English as the most widely used language make Eldorado the country a haven for fraudsters.
“In the last twelve months, we have seen more fraud cases than ever before,” says Aylette Bigger-Levin of BioCache, a management consultancy specializing in cybercrime. “The most sophisticated fraud systems start in the UK, move to the US about two years later, and then around the world.” In the first half of the year, fraudsters stole £754 million – the equivalent of a billion dollars – in the UK, according to data from banking association UK Finance. This was 30 percent higher than the year before and 60 percent higher than the start of recording in 2017. Fraud cases are also becoming more and more sophisticated, as Birger-Lewin points out. Hackers stole vast amounts of personal information from consumers on the Internet, which fraudsters then took advantage of.
Minutes after entering her bank account details while ordering an electric toothbrush online, pensioner Anna received a call from her bank stating that she had been caught by a fraudster. The next day, a Robert Clayton from the UK’s FCA called and assured him that the perpetrators would be held accountable. But your savings may be lost. It was all part of a scam, as it turned out later. Neither had a toothbrush, nor was Robert Clayton. It is not certain whether Anna will ever see her money again.
“We have seen cases where a fraudster pretended to be someone else for three or four years and actually talked to that person on the phone before stealing a substantial amount of money,” said the Group for Economic Crime Prevention. leader Brian Dilly said. UK’s largest bank Lloyds. Dina Karia lost £10,000 in early February after purchasing a bond allegedly issued by Swiss bank Credit Suisse through the comparison website MoneySupermarket. She suspects that she has landed on a fake website.
MoneySupermarket’s original provider warned in mid-February against clone websites that could be used by fraudsters with telephone numbers. The company is working with the FDA and has reported the incident to the police. Kariya’s house bank Barclays has returned only half the money so far and told her that she should have been more careful. Barclays said the matter was being investigated and the results were awaited.
One point of attack for fraudsters is the super-fast online payment method in Great Britain. Transfers between bank accounts are done in seconds and don’t take hours or even days like in the United States and other countries. “Faster payment systems made faster fraud possible in the first place,” says Richard Emery, who counsels Ana and 63 other fraud victims, who have lost an average of £102,000. Pay. The company that operates the payments network, Pay. UK said the UK economy, consumers and businesses will benefit greatly from the momentum. But criminals are getting better and better at abusing digitization for their own purposes. The company is working with authorities to fight fraud .
very little cooperation from the police
British banks are also increasingly trying to limit losses – that too for their own sake. As a rule, they are responsible for the loss of their customers. HSBC has hired 300 new employees in just one year for the prevention and detection of bank frauds. “The UK is a breeding ground for fraudsters,” Banks explains. The UK accounts for about 80 per cent of the institute’s global losses due to retail fraud.
Lloyds says it has invested nearly £100 million in control systems over the past two years. At NatWest, ten percent of employees — 6,000 people — deal only with financial crime issues.
Banks are pressuring the British government to hold social platforms like Google, Amazon and Facebook accountable as well. In his opinion, online fraud often starts from here. NECC, a government agency to fight financial crime, complains about insufficient support from the police. Chris Reed of the NECC says only one percent of police resources are devoted to fighting fraud, although it accounts for more than a third of crimes in England and Wales. “Available resources are disproportionate to the extent and severity of fraud cases. There is still a huge mountain to climb.”
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