Cyber-fraud losses increased by 26% in 2015

Financial cyber-fraud losses from British consumers through payment cards, remote banking and cheques amounted to £755 million in 2015.

Financial Fraud Action UK (FFA UK) released their 2015 year end fraud update report which revealed the 26 percent increase in losses from 2014.

Remote banking fraud saw the biggest growth, jumping by 72 percent last year with more than £168 million stolen from consumers. Fraud losses on UK payment cards totaled at £567.3 million in 2015, an 18 percent increase from 2014. Cheque fraud losses fell by six percent in 2015 to £18.9 million, the lowest annual total ever.

Incidents detected and prevented by banks and card companies totalled  £1.76 billion in 2015. This was the first time the prevented fraud figure had been collected by FFA UK.

John Lord, managing director of identity data intelligence specialists GBG, said, “As instances of fraud increase, so too does the butterfly effect it creates. The impact of a single fraud can be felt by the individual or business long after it has taken place. It's therefore vital that organisations take a wide-ranging view of identity to ensure those impacted by fraud do not experience additional problems because their account is blocked.”