Feeds

Fraud cost UK at least £13bn in 2005

Identity fraud a hash

High performance access to file storage

About £13bn of fraud was committed in the UK in 2005, but the figure could be on the conservative side, a report commissioned by the Association of Chief Police Officers said today.

The report, which examined existing primary data sources about fraud of all types, noted how unreliable much of the data is and how difficult it is to aggregate because of inconsistency in reporting standards.

This has left the police with a dilemma - fraud might be so bad that if we knew the true extent of the crime we would be daunted by the impossibility of finding resources to do anything about it.

"In the light of the very low level of current fraud reporting and the potential enormity of what might follow if victims were encouraged to report all fraud there is a very real danger of raising expectations for official action that might not be able to be met, whether by the police or by any other body," the report said.

The best estimate the ACPO report could make had it that there was £1bn of fraud committed against the financial services industry, £0.93 billion against other businesses, £2.75bn against private individuals.

A whopping £6.43bn was "conservatively estimated" to have been defrauded from the public sector at a national level, while just £0.04bn was defrauded from local bodies.

One of the problems noted in the report is the temptation to report all sources of fraud as identity fraud, rather than treating it as a separate category.

Someone stealing and using a credit card is not committing identity fraud in the same way as someone stealing an identity to apply for a new credit card.

Michael Levi, professor of social sciences at Cardiff University and one of the report authors, said that reports describing levels of identity fraud might be more accurate if they excluded data about stolen credit cards.

He said while stolen credit cards were still important, chip and pin card security was squeezing such theft out of the crime figures. "Criminals might have to make more effort to impersonate someone." ®

High performance access to file storage

More from The Register

next story
Parent gabfest Mumsnet hit by SSL bug: My heart bleeds, grins hacker
Natter-board tells middle-class Britain to purée its passwords
Samsung Galaxy S5 fingerprint scanner hacked in just 4 DAYS
Sammy's newbie cooked slower than iPhone, also costs more to build
Obama allows NSA to exploit 0-days: report
If the spooks say they need it, they get it
Web data BLEEDOUT: Users to feel the pain as Heartbleed bug revealed
Vendors and ISPs have work to do updating firmware - if it's possible to fix this
Snowden-inspired crypto-email service Lavaboom launches
German service pays tribute to Lavabit
One year on: diplomatic fail as Chinese APT gangs get back to work
Mandiant says past 12 months shows Beijing won't call off its hackers
Call of Duty 'fragged using OpenSSL's Heartbleed exploit'
So it begins ... or maybe not, says one analyst
NSA denies it knew about and USED Heartbleed encryption flaw for TWO YEARS
Agency forgets it exists to protect communications, not just spy on them
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.