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KPMG Fraud Barometer - comments from Fujitsu

August 2019 by Rob Norris, VP Enterprise and Cyber Security, Fujitsu

KPMG has released its latest Fraud Barometer report revealing that fraud cases coming to UK Courts with a value of £100,000 and above, noted a worrying commercialisation of cyber-crime. The comments from Rob Norris, VP Enterprise and Cyber Security, Fujitsu.

“It’s worrying to see the rise in high value fraud crimes being put to the commercialisation of cybercrime. The GCHQ chief urged earlier this year that there must be a ‘national effort’ to boost UK cyber security with the proliferation of tools and technologies being used by hackers to exploit businesses, consumers and governments. In the case of fraud, with more and more information being stored digitally, this data becomes ripe for the picking for financial threat actors. And these are affecting predominantly the most vulnerable to digital fraud: those with little-to-no knowledge of a potential scam.

“Although awareness or cyber criminality has increased, with a fifth of the public believing that cybercrime is the biggest challenge facing the UK today, this hasn’t been enough to stem the tide in account takeovers. While potential attacks are not always easy to spot, a broader education on how to detect fraudulent emails is key not just to consumers’ own finances, but their employers as well; what a consumer intentionally or not exposes themselves to at home, they are also likely to do at work. The finances of consumers and success of businesses depend on this rigorous education.”

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