British Bank Customers Lose £500m

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In light of the figures from UK Finance this morning, revealing that £500m was stolen from customers of British banks in the first half of 2018, please find comment below from Brooks Wallace, VP of Global Sales for Trusted Knight.

Brooks Wallace, VP Global Sales at Trusted Knight:

“It’s not going to come as much of a surprise to many that losses to bank fraud are increasing. In the last few months alone we’ve seen thousands of people have their accounts plundered after data breaches at companies like British Airways and Ticketmaster – the cost to banks is huge.

“For the criminals, it’s a pretty easy pay day – they’ll either steal bank account or card details and sell them on the dark web for profit, or use them themselves to empty accounts. Usually these are vast networks of criminals with responsibility for different parts of the scam chain, making them almost impossible to detect and for individuals to be held to account.

“The issue, however, isn’t only the fault of banks. While there is an argument that they should be better protecting customer accounts by improving fraud detection and prevention mechanisms, there’s also a responsibility of other vendors to better prevent card details being stolen online, as well as more education campaigns to raise awareness of social engineering attacks amongst consumers. This is a problem that isn’t going anywhere unless more is done to prevent it from all sides.”

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