Fraud in the UK continued its "inexorable rise" during the third quarter of the year, according to latest report from fraud prevention service Cifas. The survey of the organisation's 260 members recorded 175,000 confirmed cases of financial fraud, an increase on 11 per cent over the third quarter of 2008. Year-on-year, there was a 38 per cent rise in misuse of facility fraud, where criminals takeover of a legitimate account to receive fraudulent payments.
Over half of misuse of facility cases involved a bank account, while fraudsters also targeted credit card accounts.
Elsewhere, Cifas found that in the two years to the end of September, incidents of facility takeover fraud, where stolen personal details are used to hijack an account, have risen 238 per cent.
Cifas chief executive Peter Hurst said tackling fraud must be a joint effort between individuals, businesses and the public sector.
"The need to stem the flow of fraudulent finance ... is a shared responsibility with
This article is only available in full to Complinet Complete UK and Europe Subscribers who are logged in.
Please log in to see if you can view this content.
