Cybercrime fraud cases in the UK now worth £1bn

August 25, 2020 2:48 pm


2019, it seems, was the year for online fraudsters, with cybercrime racking up bills exceeding £1bn and constituting one-third of all crime in the country. What can we constructively take from this unnerving report?

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The power of criminal gangs

Firstly, businesses must not underestimate criminal gangs working in the virtual world, whose scams are becoming more and more sophisticated. While records from the previous year show that internet fraud was already a huge threat, even this heightened awareness of fraudulent activities was not enough to combat cybercrime in 2019; what’s more, there is much ongoing uncertainty over threats to online security due to the ever-changing manipulation methods that criminals use to target businesses.

It is not only businesses that are affected; for example, have you recently reviewed how your personal or business accounts are stored? Data protection is, of course, important to all businesses, but none more than accountants that deal with highly sensitive and private data relating to the finances of their clients, whether individuals and businesses. As an example, Chippendale and Clark are accountants in Swindon and have recognised the need to move away from traditional accounting methods in light of possible vulnerabilities and instead offer more secure cloud accounting to their clients. If you are in search of dependable accountants Swindon, a quick Google search and/or a look at reviews will reveal multiple options.

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Main loopholes for cybercrime

Roy Waligora, Head of Investigations at KPMG UK, suggests that employees are still the main targets for fraudsters. Gangs strike when people are at their most vulnerable – a time when they are more likely to slip up or take risks that they would not otherwise have taken. What’s more, the sector is seeing more and more criminals working from within as a result of management not taking effective measures to screen new employees at this volatile time.

Although it is easy to look at the crimes historically and build your company’s defences in response to these threats, it is vital to be mindful of the variety of vulnerability points that cybercriminals can use in their attack. Due diligence is required to keep on top of security measures while handling in-house systems, coping in the current climate and monitoring external threats to avoid what can only be described as potentially devastating repercussions.