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General financial fraud set a new record as fraudsters targeted people at home during the Covid crisis

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It was the best record of fraud against the British masses, especially from investment scammers trying to steal from vulnerable people trapped in their homes during the Covid crisis.

The numbers highlight the importance of the Financial Conduct Authority and police authorities to keep track of the flood of criminals moving from higher-risk crimes to white-collar fraud.

According to a Barclays Bank survey, fraud increased by more than 66% between July and December.

“During the pandemic, fraudsters took advantage of national uncertainty to cause significant increases in high-value, complex fraud,” the report’s authors said.

The most valuable claims were investment fraud, which accounted for 29%, and spoofing fraud, which also accounted for 29%.

The report highlighted the problem of cloned web pages impersonating legitimate businesses. Spoofing is a place where customers are convinced that their account is at risk and are persuaded to move their cash to the fraudster’s account.

Police, FCA, and MP have repeatedly called on Google, Facebook, and other major websites to take more confident action against fake or misleading advertisements and promotions on their sites.

Along with sexual exploitation of children and other Internet-enabled crimes, the law against “online harm” requires the inclusion of financial fraud.

Only yesterday, Dame Elizabeth Gloster, who investigated the FCA’s failure to prevent the London Capital & Finance scandal, told MP that it was important to get them to report on the website and find a way to understand who is behind the ad. It was.

The FCA has expressed dissatisfaction with making money from FCA, which encourages companies like Google to first make money from fraudster ads and then buy ad space to encourage investors to keep cash. I will.

According to a Barclays poll, more than half (54%) of British people who have been scammed are too embarrassed to report a crime.

The bank worked with Susie Dent on the TV show Countdown to help understand the harmful behavior of fraudsters. “By talking about our experience, we can get rid of the harmful stigma that surrounds fraud and get rid of embarrassment,” she said.

One in three British admits they are already victims of fraud.

Barclays and others in the financial world want to keep people on the lookout for fraudsters by sharing their stories.

Jim Winters, head of Barclays fraud, said:

If in doubt, consult a trusted person. Don’t be afraid to admit that you have been fooled by fraud. If you receive a suspicious email, phone call, or text message, don’t assume that you are the person you think you are. And most importantly, don’t ignore your concerns. If in doubt, raise your voice. “

General financial fraud set a new record as fraudsters targeted people at home during the Covid crisis

Source link General financial fraud set a new record as fraudsters targeted people at home during the Covid crisis

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