New figures released by UK Finance reveals that UK households and companies lost £1bn to financial fraud in 2017.
The figures have revealed that new technologies have given fraudsters an area to target while banks focus on combatting more traditional methods. In 2017 the total losses have fallen from every form of unauthorised fraud except mobile and online banking.
Online bank account fraud jumped 19 per cent to £121.4m and fraud payments made through mobile remained a smaller problem but still increased 10 per cent to £6.3m.
This being said, it shows that overall banks and companies managed to prevent two-thirds of unauthorised fraud attempts, with total losses falling 5 per cent compared with 2016, to £731.8m.
Katy Worobec, UK Finance managing director for economic crime, said: “Fraud is an issue that affects the whole of society, and one which everyone must come together to tackle.
“The finance industry is committed to playing its part — investing in advanced security systems to protect customers, introducing new standards on how banks respond to scam victims, and working with the Joint Fraud Taskforce to deter and disrupt criminals and better trace, freeze and return stolen funds.”
A way you can help to combat fraud within your business is to make sure you are accepting card payments securely via a trusted merchant account provider, whether this is face to face, over the phone or online.
By processing card payments with Handepay you’ll be using the latest card payment technology, and all card machines are certified to the latest industry security standards.
If you would like more information on how a secure merchant account can help to keep your business payments secure, contact one of our friendly advisors on 0800 377 7382 or visit our website for more information.