REPORTS: UK BANKING SCAMS AND FRAUDS

On 24th May, the House of Commons Library published a briefing paper which seeks to answer frequently asked questions about banking scams, and describes: the scale of the problem; the types of scam; what help is available for victims; and, government and industry action, saying that criminals successfully stole £1.2 billion through banking fraud and scams in 2018.

https://researchbriefings.files.parliament.uk/documents/CBP-8545/CBP-8545.pdf

The briefing paper refers to a March 2019 report from UK Finance – “FRAUD THE FACTS 2019: The definitive overview of payment industry fraud”.  This refers to the various types of fraud –

  • Card frauds – Unauthorised debit, credit and other payment card fraud; Remote purchase (Card-not-present) fraud; Counterfeit Card Fraud; Lost and Stolen Card Fraud; Card ID theft; Card not-received fraud; Internet/e-commerce card fraud losses; Card fraud at UK cash machines; and Card fraud abroad.
  • Cheque fraud.
  • Unauthorised remote banking fraud.
  • Authorised Push Payment (APP) fraud

https://www.ukfinance.org.uk/system/files/Fraud%20The%20Facts%202019%20-%20FINAL%20ONLINE.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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