RED ALERT: How Much Is Fraud Really Damaging the UK?

Financial Fraud Action (FFA) UK recently released the Year-End 2015 fraud update report, exposing some discouraging truths about the ongoing battle with fraudsters, especially for the banking industry.

The study revealed that sums stolen through internet and telephone banking fraud increased by 72% last year. In particular, losses on payment cards jumped by 18% to £567.5 million.. Losses due to technology-based fraud also soared, increasing by a quarter year-on-year to more than £755 million[1].

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