Half-yearly figures issued by Cifas, the UK’s fraud prevention service, have shown that its 250 members prevented fraud to the value of over £360 million in the year to June.
The figures work out as a potential £1,400 in fraud being denied to fraudsters every minute of every day.
“The figures speak for themselves,” said Cifas chief executive Peter Hurst. “The fact that fraudsters are denied £1,400 every minute of every day is, of course, good news.
“But the scale of fraudulent activity in the UK is alarming. It emphasises the need for businesses constantly to be alert when dealing with applications for goods and services, requests for additional advances and when processing insurance claims.
“It is testament to the investment by our Member companies in their staff that their skill in the detection of such frauds continues to grow,” he added.
The report also showed that identity fraud increased by 22 per cent with 32,000 having their identities stolen.
The number of attempted frauds intercepted by Cifas members also increased sharply however, with the number intercepted increasing from a half to two thirds.
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