In 2019, there’s no doubt that fraudulent activity has risen in the UK. The question many people are asking – can this even be stopped anymore?
Cifas (a not-for–profit membership group) shares data on fraud in the private, public and third sector. Recently, it has reported some quite daunting statistics regarding fraudulent activity. In 2018, the number of victims aged under 21 has increased by 26%, compared to the year before.
We all know that the elderly tend to be targeted more; however a 34% rise in victims over 60 years of age has led to an increase of warnings being issued. 33,000 people over 60 fell victim to identity fraud in 2018 – one of the reasons being that those in this demographic were more likely to be approved for credit with a growing online presence.
Cifas also noted a 6% increase in cases of fraud reported by its members from 2017 to 2018.
Let’s not forget money mule activity. From 2017 to 2018 there was a 26% increase in this type of activity, with 35% more people aged 40-60 getting wrapped up in it all too. Money muling is essentially using people as money laundering intermediaries for criminals, usually without the subject knowing about the part they’re playing.
Some say the only way to fight the fraud that is causing ever-increasing economic and social harm to our country is to work together and communicate to spread awareness.
More than 5 million people in the UK have fallen victim to a financial scam at least once in their lives. Know what to look out for and what to do if something seems suspicious.