Cybercrime is a growing threat globally, and the United Kingdom is no exception. According to a recent report from money.co.uk, cybercrime in the UK has increased significantly in 2022, with fraudsters stealing over £4 billion. This represents a 63% increase from the previous year when £2.4 billion was stolen. This article will explore the report’s findings and discuss the growing threat of cybercrime in the UK.
Sophisticated Tactics Used by Cybercriminals
With the world becoming increasingly digital, cybercriminals are finding new areas to exploit, making it essential for people to stay informed and vigilant. Cybercriminals are using increasingly sophisticated tactics, making it easier for them to steal large sums of money from just a single attack. Online shopping is a significant source of fraudulent activity, with 67,300 reported cases and £103 million stolen. Phishing is a significant contributor to online shopping fraud, as cybercriminals often create fake websites or send unsolicited emails, tricking people into entering their personal and financial information.
Banking Fraud on the Rise
Banking fraud was responsible for the largest losses in the last quarter of 2022, with nearly £290 million stolen. This trend is likely to continue as fraudsters use Authorised Push Payment (APP) fraud to bypass the cybersecurity systems of banks. APP fraud is incredibly dangerous, as it allows fraudsters to trick consumers into transferring money to accounts under their control, bypassing traditional cybersecurity measures. It is crucial to note that fraudsters are experts in impersonating bank staff over the phone, and they can be very persuasive in getting you to do what they want. Consumers must be cautious of unsolicited emails or phone calls and remember that banks and other official bodies will never request personal or financial information over the phone.
The Link Between Hacking and Cybercrime
Hacking and cybercrime are closely connected and often go hand in hand. Hackers gain unauthorised access to computer systems or networks, while cybercriminals commit criminal activities using digital technology. Cybercriminals often use hacking techniques to access systems or data they can use for fraud.
Hackers are skilled in identifying vulnerabilities in computer systems and exploiting them for various purposes. These include stealing sensitive information or installing malware that can cause damage to the system. Some hackers engage in these activities for personal gain, while others may do it as a form of activism.
The Rise of Cybercrime in 2023 and Beyond
Phishing scams are among the most common types of fraud affecting individuals and businesses alike. Accounting for 32% of reported incidents in 2020, according to the National Cyber Security Centre (NCSC). These scams resulted in an estimated loss of £1.8 million.
Ransomware is another type of cybercrime that the NCSC reports as a “growing threat.” In 2020, over 2,000 ransomware incidents were reported, with businesses and the public sector being the most commonly targeted. The estimated cost of these incidents is over £131 million.
Unfortunately, these figures will continue to rise as fraudsters become sophisticated and target more vulnerable individuals and businesses. Therefore, it is vital to take necessary precautions to protect oneself from cybercrime. Experts recommend using strong passwords, installing up-to-date antivirus software, and exercising caution with unsolicited emails or phone calls.
