Online fraud continues to grow

Fraud is now the most commonly experienced crime in England and Wales, with the majority of frauds taking place online. This is according to a new report published by the National Audit Office (NAO).

The NAO reports that in the year ending 30 September 2016, fraud accounted for roughly 31% (3.6 million incidents) of all crime in England and Wales. Of these fraud incidents, online fraud accounted for approximately 53% (1.9 million incidents).

Statistics also show that fraud is on the rise. In particular, incidents involving the use of card details obtained fraudulently to make purchases (known as ‘card not present’ fraud) have increased by 103% since 2011. The NAO goes on to report that the cost of fraud in 2016 is estimated to be around £10 billion for individuals and around £144 billion for the private sector.

The report also highlights a number of deficiencies in the way the government has responded to the issue of fraud. In February 2016, the Home Office launched the Joint Fraud Taskforce to crack down on fraud. The members of the Taskforce consist of key representatives from government, law enforcement and the banking sector.

Read the full article here.