The financial services sector continues to make headway in the fight against fraud, with the number of suspect cases being detected and prevented on the rise.
In some parts of the industry, such as insurance, fraud is at an all-time high.
But lenders and consumers are urged to remain vigilant.
Although better systems are in place to combat fraud, identity theft still accounts for a high proportion of fraud cases detected showing that it continues to be rife.
Perceived quick routes to credit offered by card providers continues to be a tantalising option for fraudsters, highlighted by a three-year spike in detected credit card fraud noted during the final quarter of 2013. Similarly, a sizeable volume of current account and insurance frauds continued to be detected during the past year.
But it’s not all bad news, the fact more fraud is being spotted is testament to the vigilance, diligence and determination of the sector to tackle the problem head-on.
Right now fraud is a complex and interesting picture. Inside we’ve covered the how, who and where it’s taking place along with analysis of new and emerging trends.
To get your hands on a summary of top-level findings backed up by more detailed insight, simply click here.
We’re working closely with National Hunter and Insurance Hunter, the UK’s leading fraud prevention systems, operated by us on behalf of members. The systems enable financial institutions to cross-match applications against more than 100 million previous application records in order to spot commonalities and anomalies that are potentially indicative of fraud for further investigation.