Police anti-fraud unit and UK finance industry prevent record £94m losses in 2018

A record £94m of losses were prevented last year by an anti-fraud police unit backed by the UK finance industry.

The City of London Police’s Dedicated Card and Payment Crime Unit (DCPCU) said it arrested 164 suspects in 2018, securing 48 convictions in the process.

Read more: Crime in the Square Mile hits a three-year high

Trade body UK Finance has worked with banks and the police to help recover more than 32,000 compromised card numbers and award £176,000 in compensation to victims.

It brings the unit’s total fraud activity savings to £600m since it was launched in 2002.

“The dozens of convictions over the past 12 months demonstrate what can be achieved through close collaboration between police and the finance industry,” head of DCPCU detective chief inspector Glyn Whittick said.

“The DCPCU will continue to target the criminal gangs involved in card and payment fraud and bring them to justice,” he added.

The unit seized £340,000 and criminals were sentenced to a collective 58 years in prison over the year.

Read more: Fraudsters use Facebook to turn students into 'money mules'

Managing director of economic crime at UK Finance, Katy Worobec, said: “The DCPCU is an excellent example of the finance industry working with law enforcement to tackle fraud and the organised criminal groups responsible.

She added: “This is part of a broader collaboration, as banks and police continue their joint determination to protect customers from the devastating impact of fraud.”