£500 million and rising

New figures reveal the true extent of the nation’s battle with fraud

The latest numbers show scammers stole £500m from UK bank accounts in the first six months of 2018 alone! More than £145m of that was made by the victim after being tricked into authorising a payment to the fraudster, known as “push-payments” according to data from UK Finance, the banking and finance trade body.

The rest, £358m was stolen in unauthorised theft – taken by a third party without the owner’s knowledge or permission. Often these are purchase scams when the victim pays for a product or service which never arrives. In these cases, victims typically receive a full refund.

But for victims of fraud who were duped into handing over their cash by con artists through a variety of techniques so far this year, £114m was NOT refunded by the bank or building society. Nor can they be certain of adequate support as victims of crime.

How the victims are dealt with is a true postcode lottery. With various Trading Standards offices up and down the country dealing with the volume in varying ways. In some cases, all reports were visited or at least offered a visit. Others visit a proportion while some refer victims to other support agencies such as Age UK or Victim Support.

It’s a complex problem which we believe can only be resolved using a multi-agency approach. Victims need to be encouraged to come forward and once identified, supported. Local councils and befriending services may play a significant role alongside family members as victims are often lonely or have social isolation issues.

Police Forces need to direct thinning resources into the trace and prosecution of offenders and wherever possible seek to use the tools available to implement the Banking Protocol which sees Police and Financial Institutions working closely together. It’s also vitally important that every effort is made to ensure the perpetrators are targeted to recover whatever funds are available.

We know that being the target of a fraud can have a devastating effect on victims and they need to know where to go for support. Victims need to know where to go for support; without it, they may struggle to recover from their ordeal.

What can you do?

IYE are committed to ensuring our clients avoid fraud in all its guises. We have a range of investigative services to suit clients both large and small. Our aim at IYE is to ensure our clients do not fall victim to fraudulent investments in the first instance. We are happy to discuss and fully investigate any potential investment and provide clear, simple to follow advice on the legitimacy of a proposed investment along with the people associated with it. If you’d like to undertake full due diligence to ensure the investment you’re considering is genuine, please call us on: +44 (0)20 8914 7923 or use our contact form on the IYE Global website.