Security & Fraud

Who’s Safe When Fraudsters Strike Every 15 Seconds?

Financial Fraud On The Rise

Official figures from Financial Fraud Action U.K. (FFA UK) revealed that, in the first six months of 2016, there have been more than 1 million incidents of financial fraud, marking a 53 percent increase compared to the same period a year ago.

The FFA UK is teaming up with all of the major national banks and financial services providers to launch a nationwide campaign against fraudsters. The Take Five campaign will seek to provide consumers and businesses with guidance to help avert financial fraud.

“Last year, banks stopped £7 in £10 of attempted fraud from happening. But as the banks’ systems get more advanced, fraudsters turn their attention elsewhere, and sadly, this often means tricking people out of their personal details and money. Alongside the banks, people can also play an important part in helping us to stop financial fraud and protect themselves. We are asking people to take five — to take that moment to pause and think before they respond to any financial requests and share any personal or financial details,” Katy Worobec, director of FFA UK, explained.

The newly released research found that almost 73 percent of people surveyed said that they are aware of financial fraud methods, but still more than 26 percent of people admit to providing personal information to those claiming to be from a bank even when they know they shouldn’t.

Survey respondents said the most common reason they decided to share their personal details was because the person requesting it seemed genuine (43 percent), while 39 percent said it was because they felt pressured.

Tony Blake, senior fraud prevention officer for DCPCU (Dedicated Card and Payment Crime Unit), explained: “Many people already know the dos and don’ts when it comes to sharing personal details, but it is easy to forget if you feel flustered, pressurized or rushed into sharing information. Take Five is about knowing it is fine to stop a conversation or not to respond to an email so you can take a moment to think and take back control of the situation.”

——————————–

Latest Insights: 

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The July 2019 Pay Advances: The Gig Economy’s New Normal, a PYMNTS and Mastercard collaboration, examines pay advances – full or partial payments received before an ad hoc job is completed – including how gig workers currently use them and their potential for future adoption.

Click to comment

TRENDING RIGHT NOW

To Top