Up to half of all reported financial crime is either fraud or cyber-crime related and this percentage is growing year on year, according to financial advisor PIMFA.
This comes despite fraud still being highly underreported and only one in eight cases being investigated.
Talking on the point, commissioner Ian Dyson of the City of London Police said, “75% of all fraud crimes reported are cyber-enabled – it’s now a lot easier than robbing a bank and the rewards are far greater.”
Further to this, National Fraud Intelligence Bureau cyber protect officer Max Bruce stated there had been 741,000 crimes of fraud reported in 2019. The largest value of victim losses was £2.2bn and only 33% of the reports came from individual victims.
Despite the efforts in the market to combat fraud, it is still huge problem around the world. In the US Commodity Futures Trading Commission revealed that during the fiscal year of 2019 65% of all cases filed involved commodities fraud, manipulative conducting or spoofing.
An investigation from American Express also found that eight in ten US merchants have experienced some form of fraud since they began their operations.
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