Positive Trends in Overall Fraud Reduction
Chad Reimers, general manager of fraud & ID at TransUnion in the UK, comments on the recent quarterly Office for National Statistics Crime in England and Wales Statistics:
"The latest Crime in England and Wales figures from Office for National Statistics for the year ending June 2023 reveal that there's a promising 13% decrease in reported fraud offenses compared to the prior year. In the meantime, there is a 15% rise in police-recorded fraud, driven by increased cases reported by industry bodies such as UK Finance and Cifas. This is likely due to consumers being more equipped to report instances where they have fallen victim to fraudulent activity.
“Although the overall reports of fraud have declined, we know from TransUnion’s 2023 State of Omnichannel Fraud Report that digital fraud attempts originating from the UK have increased in specific sectors. In light of this, it remains essential for finance providers to be vigilant and make the protection of consumers a leading priority.”