Today saw the publication of the latest quarterly monthly crime statistics for England and Wales published by the Office for National Statistics.They cover the 12 month period ending September 2020, and thus capture what was happening for at least six months of the period after the COVID-19 lockdown when the health and economic crisis hit.
The statistics show 4.4 million incidents of fraud and 1.7 million incidents of cybercrime - a jump of 92% in cybercrime and 20% in fraud compared to the 12 months ending March 2020. Incidents of fraud and cybercrime now represent 52% of all crime.
I warned in April 2020 that this would happen, and that organisations needed to ramp up their protection against the surge in fraud and cybercrime - this tidal wave is now hitting us, but it’s not too late to act.
Protection against fraud involves the following key steps:
As the crime statistics show, this very moment there are some people out there contemplating how they can dishonestly thrive at our expense. There will also be those under financial pressure planning to maintain their wealth by dishonest means.
Legitimate businesses need to protect themselves properly. Our crisis must not become the fraudsters and cybercriminals opportunity.