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October 14, 2021 10:40 pm

An Unprecedented Wave of Online Bank Fraud Is Hitting Britain

An unprecedented wave of online bank fraud has been hitting Britain this year. "The country is the global epicenter for such attacks, according to five of the biggest British banks and more than a dozen security experts who said scammers were buying up batches of consumers' personal details on the dark net to target the record numbers shopping and banking online since the pandemic," reports Reuters. From the report: The country's super-fast payments infrastructure, relatively light policing of fraud-related crime, plus its use of the world's most widely used language English, also made it an ideal global test bed for scams, the banks and specialists added. A British record of 754 million pounds ($1 billion)was stolen in the first six months of this year, up 30% from the same period in 2020, according to data from banking industry body UK Finance, and up more than 60% from 2017, when it began compiling the figures. That represents a per capita fraud rate roughly triple that seen in the United States in 2020 [...]. Unlike simple email-based scams of the past purporting to be from princes or oil barons seeking your help to shift their millions, the modern bank scam can be sophisticated, multi-phased and extremely convincing. "We've seen some cases where the fraudster has been talking to somebody for three or four years as someone else before they actually scam them out of a large amount of money," said Brian Dilley, group director for economic crime prevention at Britain's biggest bank Lloyds.

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