Government statistics on fraud include analysis by age, qualifications, ethnic group etc. for the year 2016
You can see from these figures that the age group with the highest incidence of fraud is the 25 – 54 year olds. There could be many reason for this but the most obvious is that this group is likely the most financially active and hence there are more occasions where they can be defrauded.
The separate figures for men and women are roughly the same and show nearly the same pattern by age.
The government statistics also include analysis by marital status and this shows little difference between marrieds and unmarried, except for much lower reports of fraud for widowed people. This is likely to be for the reason that this is largely an older group of people and hence less financially active on average.
The analysis by occupation is interesting in that the greatest incidence of fraud is for those in the professional / managerial group. This may be due to these people being more likely to be involved with investments, overseas properties, visits to major events around the world etc. which create more opportunities to be victims of fraud.
There are various other analyses of the data and the analysis by highest qualification achieved shows highest levels of fraud for those with a degree or equivalent. This may be due to these people having a higher level of income or can you think of a more likely reason?
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Get Safe Online and the National Fraud Intelligence Bureau have released fraud and cybercrime figures for 2016.
These show that £10.9 billion was lost to the UK economy as a result of fraud in 2016. This figure rises every year.
The estimate for the average cost for each person defrauded is around £520, but in some cases it is very large sums of money.
The figures show that 39% of people defrauded do not report the crime so the official fraud figures are lower than the reality.
The report also shows that many people do not follow basic security e.g. updating their anti-virus software regularly, using different passwords for separate accounts, being careful with the information they post on social media, only using secure Wi-Fi , deleting email from unknown sources etc.
We all need to take more care over basic online security.
Fraud is a huge industry with countless victims and it’s getting worse.
Financial fraud losses across payment cards, remote banking and cheques totalled £755million in 2015, an increase of 26 per cent compared to 2014.
Prevented fraud totalled £1.76 billion in 2015. This is incidents that were detected and prevented by the banks and card companies and is equivalent to £7 in every £10 of attempted fraud being stopped.
Card Fraud can be split up as follows:-
70% is remote purchases – i.e. where stolen card details are used
13% is lost and stolen –
2% is card not received i.e. the card is stolen in transit
8% is counterfeit cards
7% is card ID theft – the fraudster uses the person’s identity information to get their card details
All of these frauds are rising except for counterfeit cards which is probably dropping as a result of chip and pin technology.
We all need to be more aware then ever of these scams and how to avoid them.