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Account Hackings of UK Customers Up by Nearly 50 Percent in 2016

Account Hackings of UK Customers Up by Nearly 50 Percent in 2016

Account HackingsAccording to a new report, the online account hackings of customers in the United Kingdom (UK) is nearly doubled in the year 2016. This data was released by Cifas which is a fraud prevention service in its annual report called “Fraudscape” in which it analyses data from more than 350 organisations that include some different major UK brands.

As per the report, where the scammer has pretended to be a genuine person for taking control of the account of individual reached a figure of 22,525 in the year 2016 as compared to the number of 15,497 in 2015.

The fraudsters are trying to reach the customers directly, and the financial firms are taking several measures to prevent the system from security vulnerabilities as per the findings in the report.

In the year 2016, a total of 325,000 fraudulent cases were reported which showed an increase of 1% during the same period last year. According to Cifas, the spammers are trying to hack all the accounts of the individual customers that include email, credit cards, telephone, bank and other similar services.


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Many of these cyber attacks have taken place through telephone calls that are made to the call centres where the sham person used all the personal information to take control of the user account. Cifas has further said that increase in facility takeovers and identity thefts indicates that criminals now have access to a lot of personal data before through social media and data breach.

Fraudsters gathered personal information like name of the individual, postal address, date of birth, name of the bank account with details. The data was then used to conduct the online transactions like for buying a product, applying for consumer loans and the victim is left with a hefty amount of bill in return.

Simon Dukes who is the Chief Executive of Cifas made the following statement:

Working together, organisations prevented £1 billion worth of fraud last year, but we know that as one method gets harder, fraudsters change tactic rather than stop. We are now seeing that the advances made in securing online access to customer accounts have led to fraudsters targeting the human being at the end of the phone.

As per Dukes, the best way to prevent these cyber attacks is by educating the customers, and he has urged the government to work on this area. Financial Fraud Action UK has submitted a report in which it was said that the total losses from fraud have increased by 2% to reach a figure of 768.8 million pounds in 2016 with losses from credit and debit cards reaching a sum of 618 million pounds.

The Managing Director of “Which?” Home Products and Services consumer group; Alex Neill, has said that educating the customers alone will not help and he has highlighted that banks and other financial firms need to take strict measures to stop account hacking and increase the level of protection.

Ed Lamadrid

Ed Lamadrid

I'm Ed Lamadrid, a CPA, blogger and a forex trader. Welcome to Top10FX.net. Follow my website for the most trustworthy forex broker reviews and last minute financial trading news.

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