Cyber fraud in the UK totalled £124 million last year, according to a new report by KPMG.

The firm’s Fraud Barometer reported a 1,266% rise on 2015’s figures, an increase largely accounted for by a £113 million boiler-room scam involving 750 victims. Criminals cold-called people while posing as the security department of banks, tricking them into handing over bank details.

LARGE- AND SMALL-SCALE FRAUD

KMPG’s Fraud Barometer mostly focuses on multi-million pound cases, but cyber crime exists on both a large- and small-scale basis.

The £113 million scam was described by KPMG as a sophisticated operation that ran “like a nine-to-five business”, but many scams don’t have these resources. While some are industrial in scale, others are street-corner operations that security experts fear are attracting unskilled criminals.

Ilia Kolochenko, CEO of web security firm High-Tech Bridge, commented: “What is particularly alarming is the rise of small online fraud committed by teenagers and people with almost no technical skills.”

Every business should be taking precautions to safeguard themselves against such threats, ensuring staff are educated and confident in identifying potential risks. CCS IT Solutions can provide expert advice and support to help businesses ensure they are prepared for such risks.

CCS IT Solutions’ Team has been supporting businesses with IT services in Manchester and across the UK for over twenty years. Our service can help you to safeguard your organisation and employers from potential risks.

CCS IT Solutions’ Team has been supporting businesses with IT services in Manchester and across the UK for over twenty years.  Our service focuses on providing secure, efficient and cost-effective IT solutions to support business operations.

If you would like to discuss this article further, how we can help to safeguard your business from potential threats or any issue relating to IT Support, please get in touch with our team today:

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