Thursday 21 July 2016 5:07 pm

Banking fraud is the biggest cyber crime in Britain


I'm City A.M.'s award-winning technology editor, covering everything from happenings at Apple and Google to the latest London startup. In particular fintech, blockchain, artifical intelligence, driverless cars, virtual reality and the sharing economy get me out of bed in the morning. I'm always trying to illustrate stories with pictures of dogs. Sometimes with some success. I was named technology journalist of the year at the UK Tech Awards.

I'm City A.M.'s award-winning technology editor, covering everything from happenings at Apple and Google to the latest London startup. In particular fintech, blockchain, artifical intelligence, driverless cars, virtual reality and the sharing economy get me out of bed in the morning. I'm always trying to illustrate stories with pictures of dogs. Sometimes with some success. I was named technology journalist of the year at the UK Tech Awards.

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Banking fraud is the biggest cyber crime in the UK, accounting for two in every five of the nearly six million online crime incidents recorded over the past year.

There were 2.5m online crimes involving banking; and credit accounts, while one million involved other types of fraud such as online shopping, new figures reveal.

There were a further two million cyber crimes such as hacking and computer viruses, newly collected data from the Office of National Statistics reveal.

Read more: British business lost a billion pounds to cyber crime last year

It's the first time specific data on cybercrime has been collected in the National crime survey, showing the true extent to which the country is affected. In total one in 10 adults have been a victim of a cybercrime and the ONS notes that the experimental data indicates class, age or location is not a factor.

Read more: This UK cyber security startup just landed $65m

"The cybercrime and fraud statistics in the latest ONS crime survey are deeply concerning, but not surprising," said KPMG's head of cyber security in the UK Paul Taylor.

"It’s clear that crime is becoming cyber enabled as our world becomes digital. Greater transparency around the scale of this problem is vital, helping set the national priorities for law enforcement resources, and underlining the need for industry and government to work together to combat this growing menace.”

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