Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Rising Online Crime Propels Reported Fraud to Soaring Heights in the UK

by February 19, 2024
February 19, 2024
Rising Online Crime Propels Reported Fraud to Soaring Heights in the UK

The spectre of fraud looms larger than ever in the UK, with reported cases surging to a staggering £2.3 billion in the past year, a figure more than double that of 2022 and the second-highest annual total recorded by BDO in two decades.

The latest findings from BDO’s FraudTrack report reveal a 60% uptick in high-value cases exceeding £50 million in 2023, alongside an overall 18% increase in reported fraud incidents, marking a three-year pinnacle. However, experts caution that these figures likely represent only a fraction of the true scale of fraudulent activities, as many organisations opt not to disclose such incidents. Shockingly, the Crime Survey for England and Wales indicates that fewer than one in seven fraud offenses are reported to law enforcement authorities.

The surge in reported fraud is underpinned by a myriad of factors, notably the exponential rise in online scams, phishing attacks, and system breaches. Of particular concern is the proliferation of authorized push payment transactions, a tactic wherein fraudsters dupe unsuspecting individuals into transferring funds to them.

BDO highlights a troubling trend: the emergence of online fraud factories or cyberfraud centers, allegedly exploiting hundreds of thousands of individuals coerced into working for criminal syndicates. The United Nations has estimated that these nefarious operations generate billions of dollars in illicit revenue.

Forensic accounting partner at BDO, Kaley Crossthwaite, underscores the gravity of the situation, stating, “The surge in reported fraud numbers mirrors the influx of fraud cases our forensic investigations teams encounter daily. Yet, many opt not to report fraud incidents due to feelings of shame or embarrassment, while businesses remain reticent, fearing negative publicity and reputational damage.”

Despite hopes that governmental initiatives such as the Online Fraud Charter might curtail online fraud, Crossthwaite warns that fraudsters are adept at exploiting advancements in technology, including artificial intelligence (AI), to stay ahead of the curve.

In light of these developments, urgent action is imperative for businesses to fortify their defenses against fraud and financial crime, as no sector is immune to the ever-evolving threat landscape.

Read more:
Rising Online Crime Propels Reported Fraud to Soaring Heights in the UK

0
FacebookTwitterGoogle +Pinterest
previous post
Unite Strikes £250m Deal with Newcastle University Amid Surging Demand for Student Accommodation
next post
David Beckham Sells Stake in Troubled CBD Venture

You may also like

Aston Martin shares slide 15% as it struggles...

November 2, 2022

UK entrepreneurs less confident about growth than US...

October 31, 2023

Hunt has scope for tax cuts as government...

April 25, 2023

West coast main line faces decade-long closures in...

January 15, 2025

8 Reasons Why You Should Use MegaFamous in...

October 4, 2022

Touts jailed for fraud over ticket reselling ordered...

December 15, 2022

Riots cause 4.8% decline in footfall on UK...

August 9, 2024

Selling your home could be about to become...

December 4, 2023

Quarter of all income and capital gains tax...

December 4, 2023

Vauxhall owner to decide future of UK factories...

October 15, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • DOJ turns to Gabbard’s office for next step in grand jury probe of alleged Russiagate conspiracy

      August 6, 2025
    • New Romanian law may have averted NATO clash with Russia after border strikes

      August 6, 2025
    • Violent attack reignites BOWSER Act debate as Trump floats federal takeover of DC

      August 6, 2025
    • Senate hopefuls jostle for high-stakes seat after Blackburn jumps into governor race

      August 6, 2025
    • Tracking the Health of the Private School Sector

      August 6, 2025
    • Virginia Dem gubernatorial candidate and ex-CIA officer took $50K from CCP-linked tycoon

      August 6, 2025

    Categories

    • Business (8,691)
    • Investing (2,179)
    • Politics (16,328)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved