A Look at the Latest ONS Quarterly Fraud Statistics

  • Josh Gunnell, Head of fraud & ID pre-sales at TransUnion in the UK

  • 30.10.2020 03:45 pm
  • Fraud

The latest statistics from the National Fraud Intelligence Bureau (NFIB) show a 4% increase in overall fraud for the year ending June 2020, when compared to the previous year. This is based on reported fraud offences provided by Action Fraud, Cifas and UK Finance. However, there are significant differences within these groups, related to the coverage and fraud types they capture.

Notably, UK Finance reported a much more significant increase in fraud, up 44% on the previous year. In particular “remote banking” fraud has more than doubled, with a 58% rise and 55,058 incidents in the 12-month period. This highlights that fraudsters are continuing to take advantage of the greater numbers now regularly using internet, telephone and mobile banking, which has seen further acceleration as a result of COVID-19.

Our own data bears this out and confirms that the trend is continuing. The latest figures from TransUnion’s ongoing research tracking the impact of the pandemic on UK consumers show that almost a third (30%) have been targeted in a digital fraud attempt related to COVID-19i, up from 22% when our study began in March and the highest level seen to date.

In this ongoing fight against fraud, it’s essential that businesses have an armoury that combines traditional measures with the latest technological advances. Biometrics and digital identity concepts are likely to become increasingly important, as our latest studyii has shown, with tools such as facial recognition, enhanced ID verification and digital data risk assessment helping businesses to keep themselves and their customers safe online.

 

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[i] TransUnion’s Financial Hardship Study incorporates a regular survey of around 1,000 UK consumers. Data is based on a survey of 1,094 adults conducted 5-6 October 2020

[ii] "New Dimensions of Change: Building Trust in a Digital Consumer Landscape,” is based on a study carried out by the Economist Intelligence Unit for TransUnion with 1,610 executives across 12 countries and five continents, including 180 senior executives from the UK

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