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UK Finance fraud report reveals dire need for better scam education

Date: 22 May 2024

2 minute read

22 May 2024

If you are covering UK Finance’s annual fraud report, please see the following comment from Priti Verma, chief risk officer at Quilter:

"The latest fraud report from UK Finance helps to lift the veil on the stark reality of fraud in this country. Despite a small decrease in the amount stolen through fraud in 2023 compared to 2022 and a 1% decrease in confirmed cases, the underbelly of unreported fraud continues to bolster the confidence of fraudsters across the nation.

"Fraud remains a silent epidemic, with a vast majority of offences slipping through the cracks of the justice system. With the increase in the use of AI assisted fraud it becomes ever harder to spot fraudulent advances and law enforcement and government bodies must intensify their efforts to educate the public on protective measures against fraud.

"Knowledge is power, and in the fight against fraud, it is the most potent weapon consumers have. For those who fall prey to these schemes, knowing where to report their experiences and making it easy is crucial in building a robust defence against this crime.

"Technology is often seen as the frontier of advancements in fraudulent activity due to its dynamic and rapidly evolving nature. As technology becomes more sophisticated, so do the methods used by fraudsters to exploit vulnerabilities in digital systems. In this age of misinformation and synthetically generated content, it’s crucial to validate and vet any information received, including that from AI sources, to safeguard against social engineering tactics like phishing and impersonation.

"There has no doubt been some positive improvements in this space over the past few years including, the Online Fraud Charter and the Online Safety Act coupled with a slightly greater public awareness of scams but there is more to do to educate and support people in spotting a scam, especially those who are vulnerable.

"Scams will never go away but better collaboration between financial services, the tech sector, regulators and law enforcement can help to disrupt fraudsters and reduce the shocking amount of money stolen each year."

Alex Berry

Alex Berry

External Communications Manager