The analysis of fraud trends during 2011 by CIFAS – the UK’s Fraud Prevention Service reveals a disturbing 9% increase in the overall level of fraud, when compared with the previous year, with further key findings presenting a stark picture of the economic crime landscape in the UK:
- Over 236,500 frauds were identified during 2011 by CIFAS Members, the highest number of frauds ever recorded by CIFAS Members and over 120,000 individual cases with an identifiable victim.
- The continued blight of identity fraud accounts for over 113,000 fraud cases (a 10% increase from 2010 levels and representing 48% of all frauds).
- An 18% surge in facility takeover fraud (where a fraudster gains access and fraudulently uses a victim’s account such as a credit card, bank account or mobile phone), meaning that this type of fraud has rocketed by nearly 300% in just five years.
- A 13% rise in misuse of facility fraud (where an account, policy or other facility has been legitimately obtained but is later used fraudulently).
Unprecedented and unwelcome heights
The 9% increase in fraud levels recorded during 2011 is a depressing enough reminder of
the economic trials currently facing UK businesses and consumers. However, with over 236,500 frauds confirmed in 2011, a larger number than any previous year, this confirms that as austerity bites, economic crime continues to be a stealthy, insidious danger. CIFAS Communications Manager, Richard Hurley, comments: “It is vitally important to remember that fraud and economic crime are offences with a range of motivations. Many of these frauds will undoubtedly be committed by organised criminal elements, but many will also be committed by people who seemingly feel that their circumstances leave them no choice. Equally, financial desperation leaves many susceptible to potential scammers. Untangling the mess that fraud causes, irrespective of motivation, however, is time-consuming, damaging and costly to businesses, to the public sector and to individuals. Rather than being the ‘victimless crime’ it is sometimes heralded as, fraud actually makes victims of us all.”
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