The levels of fraud in the U.K. have reached such a high point that it has become a priority for security professionals.
Indeed, credit cards, identity, and cyber-fraud are now the most important cybercrimes, which costs up to £190bn a year. It was reported by the Royal United Services Institute (RUSI) that UK intelligence agencies should have been more involved and that there should be a better policing of these security issues.
The report also showed that the increasing cyber crimes against the private sector will taint UK’s reputation in the business as well as all the expenses made to fix the damage.
The Crime Survey for England and Wales found out that 3.7 million incidents were reported in 2019-2020 by members of the public, which were targeted by credit card, identity, and cyber-fraud.
It was stated that the private sector suffered the biggest financial losses.
Moreover, the report showed that fraud could disrupt society by psychologically impacting individuals, undermining the viability of businesses, putting pressure on public services, fuelling organized crime, and funding terrorism. Indeed, it was found out that terrorist groups and lone actors use fraud to finance their activities.
However, no national strategy or actions were taken to tackle the issue. Hence, the UK has become a key target for cybercriminals all over the world, whose tactics have only grown and evolved with the sanitary crisis.
There is then a vital need to classify fraud as a national security issue in order to prioritize it, as well as have more focused intelligence from the National Security Council.