Technology savvy wolves in electronic sheep’s clothing?
The Fraud Barometer recorded a rise in cyber-enabled fraud, up 1266 percent on 2015 figures. The cases include a £113 million cyber fraud, the largest recorded in UK Courts since 2008, as professional criminals cold-called bank customers and stole their money to fund their luxury lifestyle. Sophisticated techniques meant that when victims were contacted by the gang (claiming to be members of the bank’s fraud department and persuading them to reveal security details), they saw false telephone numbers appear under the caller ID, and were unable to make or receive calls whilst their accounts were being drained. The fraudsters made between £1 million and £2 million a week at the scam’s peak and operated like a nine-to-five business using information from corrupt bank insiders.
“Both public and private organisations openly acknowledge that cyber attacks are one of the most prevalent and high-impact risks they face, and yet many operate on the basis 'it won’t happen to me'. Organisations must keep abreast of the cyber threats, both physical and digital, to ensure the protection mechanisms don’t become obsolete given the pace of technology and business change. You can have variety of IT protections in place to defend yourself, but it’s all for nothing if you are tricked into giving away the keys to the electronic vault.”
Hitesh N Patel, UK Forensic Partner at KPMG