Cifas Fraudscape 2022: Threat rises in cost-of-living crisis
Cifas is the UK’s leading fraud prevention service. Thanks to its expansive membership of financial services organisations, the not for profit manages the largest database of fraudulent conduct in the country.
As Cifas’ latest Fraudscape 2022 report attests to, this crime-type is a rapidly growing problem, deeply affecting individuals, organisations, and society in the UK and worldwide.
Released today (13th July 2022) the half-yearly update reveals how rising costs of living, remote working and a continued shift online have seen fraud rates rise to pre-pandemic levels. Over 360,000 cases were reported to the National Fraud Database in the first half of 2022.
Key findings from the report, which comprises in-depth analysis and several recommendations for bolstering counter fraud strategy, include:
- Identity fraud cases account for 63% of reported cases, up from 22% in 2020.
- Sophistication of cyber-enabled attacks, such as phishing, continues to grow – as does false documentation.
- Rising costs of living could see criminals targeting more loan products and credit services.
- Insider threat remains a key concern, with a growth in false employment applications, while ‘insider-threat-as-a-service’ represents a worrying new trend.
- Misuse of facility has increased by 17% on last year to account for a fifth of cases.
- Organisations must ensure remote/hybrid working policies and procedures are fit for purpose, with risk that cost-of-living crisis may tempt more staff into committing dishonest activity.
Collaboration in counter fraud
Collaboration in the form of knowledge- and data-sharing is instrumental in fighting back against the fast-evolving fraud threat.
Clue’s investigation and intelligence software is used by counter fraud leaders including NHS Counter Fraud Authority, Three UK and numerous others in government, policing, and public and private sector.
We are a proud member of the Cifas community and are committed to contributing research, trends, and dialogue to the counter fraud community.
Earlier this year, Clue released its Counter Fraud in 2022 report based on a survey of government and public sector counter fraud specialists including British Council, The Charity Commission, Financial Conduct Authority, Food Standards Agency: National Food Crime Unit, NHS Counter Fraud Authority, among others.
The report revealed the challenges faced by counter fraud teams, and kernels of best practice emerging in the move to more preventative strategies. Later this year, we will be following the report with a webinar exploring practical ways organisations can adopt proactive counter fraud strategies.
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