Impersonation and deception scams continued to be the primary drivers behind financial fraud losses, research from Financial Fraud Action UK (FFA UK) has found.
A total of 1,857,506 cases of financial fraud were recorded during 2016 - up 2% on 2015.
Katy Worobec, director of FFA UK, said: “The payments industry can’t stop all fraud on its own, so it’s essential that every organisation with a role to play unites to tackle it.
“Across the industry, and with partners, we are developing new processes to help police intervene when potential victims visit a bank branch, and we are exploring new ways to track stolen funds moved between multiple bank accounts.”
FFA UK is running the Take Five to Stop Fraud campaign to raise awareness of scams and how customers can protect themselves.
FFA UK also has a central role in the Joint Fraud Taskforce.
