And so benefit from the digital revolutionby Catherine McGrath / September 6, 2017 / Leave a comment
Why is digital safety so important?
Our lives have been transformed by digital technology. We now confidently shop, pay our bills and connect with others online, but this confidence has grown faster than our knowledge of how to do so safely.
This has created a “digital safety gap” which is being exploited by criminals. The latest crime figures show that fraud online and other cyber offences now make up half of all recorded crime in the UK. Being a victim of a fraud or scam can cause extreme distress, lead to financial difficulty, relationship breakdowns, and in some cases, suicide. As the Commissioner of the City of London Police says, it is “the human cost of fraud which ruins lives.” Unfortunately, we fear that the number of victims could grow. Barclays’ research shows that a quarter of people in the UK have experienced a cyber-fraud or scam in the past three years and a UK Finance paper indicates that only 1-3 per cent of scams are actually reported.
Barclays Digital Safety Campaign is a multi-million-pound drive to increase the public’s awareness of financial fraud and scam risks, helping them to stay safe in the digital age with information, tools and tips. The Campaign consists of TV and media advertising, the development of a Digital Safety hub, and a concerted effort to engage policymakers, including MPs and their constituents.
What are the core types of fraud and scams?
As fraud and scams have become increasingly common, we have sought to understand the methods used by criminals to defraud their victims. “Social engineering” tactics include “phishing,” “vishing,” “smishing” and “farming”—all of which are reliant on sending duplicitous communications via emails, phone calls or texts. Common types of fraud and scams include:
Investment fraud: A scammer convinces an investor to move their money to a fictitious fund offering significantly higher returns than they are currently receiving. Other instances of investment fraud involve carbon credits, land banks and wine scams. Pension scams: These typically involve promises or pension investment opportunities or unsolicited offers to help people release cash from their pensions early. Money mules: “Money mules” or “money transferring agents” are those who transfer stolen money between different counties. They are often recruited, sometimes unwittingly, by criminals to transfer illegally obtained money between different accounts. Purchase scams: This occurs when the victim pays in…