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Financial Crime News and Fraud Risk Management (UK Finance's Annual Report)

Attention fraud fighters! For all the latest news around financial crime, fraud risk management, risk ops for banks, fraud detection, fraud prevention, and other financial guidance, please subscribe to our channel:    / @feedzai.riskops   TRANSCRIPT: We took a deep dive into the numbers that were recently published by UK Finance regarding fraud as a whole in the UK. The first thing that's absolutely staggering about the figures is the fact that £1.3 billion was lost to fraud in 2021. When you break that down, you start to see some interesting fraud trends. For example, if you look at authorized push payments fraud (APP), over £580 million was stolen by fraudsters, which is up by nearly 40%. There are 195,000 cases of APP fraud. Investment scams have gone up over 57%, and investment scams now account for £170 million worth of fraud losses. We saw huge gains in things like tech stocks and massive price fluctuations in cryptocurrency. All of these have allowed fraudsters to target audiences. So whilst the number is huge, actually in the context of the world we've lived in for the last two or three years, you can kind of see why fraudsters have moved to that means. Look at social engineering or impersonation scams, and they're still rife. There was over 50% growth in those types of fraud. I think they accounted for about £215 million worth of fraud loss. While the fraudsters are jumping on the bandwagon for things like investment scams, they're still duping customers; they’re still playing on customers' fears and vulnerabilities. So those things haven't gone away. And then actually the other one that, for me, was really interesting was CEO fraud. Teams are remote, and a number of organizations had to change the way they work. As a result, you can see how fraudsters have potentially used this to drive a nearly 165% increase in CEO fraud loss. If I’m sending in an invoice and claiming that it needs to be paid urgently by the CEO, historically, those finance departments and the CEO may have been set in the same office. And through the pandemic, they weren’t. A lot of companies haven't gone back to the office. They are still remote, and you kind of start to see that play out in these numbers. That shows why, as banks and actually as individuals, it's really important that we continue to protect customers and continue to protect ourselves. It's not just about the numbers or the cases. There are historical myths that have been busted in this latest report. We often think of victims of scams, especially impersonation and things like this, as being elderly. But actually, there's some really interesting research that shows the typical victim was under the age of 35. APP and scams in general are an industry-wide thing, a global thing, and that's why it really needs to be fought at that holistic level. If you think of the news right now, it's all about scams. It's all about APP. But actually, if you look at the card fraud numbers, £500 million was lost in 2021. The card fraud problem hasn't gone away. There were over 2 million card fraud cases. It's important not just to fight APP but also to keep that focus on card fraud as well. And things like SCA will hopefully help that in the coming years. One final really interesting insight for me: the fraud loss figures were broadly consistent in internet banking, but there were 30% more cases. Loads of new technology have been brought in to fight account takeover in the last five, six, and seven years. So we are slowly starting to drive down the amount that fraudsters can steal from each individual customer. The numbers are really interesting. I’d encourage everyone to read the report. It shows why the fight against fraud is key, not just for an individual bank, not just for solution providers at Feedzai, but for society as a whole. 1.3 billion is a huge number. The millions of people affected by fraud are absolutely horrendous. I think it’s really important now, more than ever, to collaborate, to try and drive the change to protect consumers. Thank you very much for listening. This has been Hardeep Rai for Feedzai.