FIRE News: Half of UK organisations say they have been the victim of fraud and/or economic crime

February 23, 2018 — Half of UK organisations say they have been the victim of fraud and/or economic crime

Robert Capps, VP at NuData, comments on a report issued today by FIRE News disclosing that according to PwC’s ninth biennial Global Economic Crime & Fraud Survey, half of UK organisations say they have been the victim of fraud and/or economic crime in the last two years.

With 3.2 million fraud incidents last year, fraud is becoming a tempting promise of high reward and low prosecution rates. Emboldened cybercriminals are becoming more technology savvy and are increasingly posing as banks or suppliers and then duping customers into revealing their personal details. These scams have also proved effective in targeting commercial organisations, as senior executives have been tricked into revealing sensitive information which enables access to a company network. The increasing volume of attacks globally has also been attributed to more data available on the black market and more financial institutions and merchants vulnerable to attacks.

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