Record increase in UK fraud reported
CIFAS, the UK’s fraud prevention service, reports that insider fraud jumped 14.5% in 2011 compared with 2010.
Driving the increase has been a massive surge in the level of dishonest staff seeking to obtain a benefit – up more than 40%, according to CIFAS figures. The most common reason for such fraud is to steal cash, either from customer accounts or directly from the organisation.
In contrast, CIFAS said that levels of unlawful use of personal data actually fell 25% in 2011 on the previous year. It said this was down to organisations becoming more aware of the problem and moving towards tighter controls around use of such data.
CIFAS counts over 260 Member organisations spread across banking, credit cards, asset finance, retail credit, mail order, insurance, investment management, telecommunications, factoring and share dealing.