Account misuse drives rise in UK fraud levels

http://www.bankingtech.com/221452/account-misuse-drives-rise-in-uk-fraud-levels/?

15 May, 2014

Bank account fraud in the UK increased 48% in the first four months of this year, with a 57% rise in the number of identity frauds compared to the same period last year.

Within that, more than half of the misuse of facility frauds involved individuals allowing their account to receive false, fraudulent or criminal funds – a fraud with frequent obvious links to other forms of organised criminality such as money laundering.

The article is interesting as it reflects the situation with regard to several of the busiest areas of fraud dealt with by this forum, namely employment fraud and fraudulent websites involved in recruiting 'money mules', and fraudulent websites and adverts offering fake vehicles and equipment for sale.

…. said Simon Dukes, CIFAS chief executive. “In the same way that most individuals now recognise the need to safeguard their online account details so as not to be hacked, they need to be aware that there can be serious and lasting repercussions from allowing an account to receive stolen or fraudulently obtained funds, including withdrawal of accounts, exclusion from obtaining a new account, and even a criminal record.”

It is also widely reported that bank accounts are frequently being opened using fake ID's which is something only banks and law enforcement can address.