Finance Monthly - November 2022

The ongoing challenge Despite the best efforts of financial organisations, they are still losing millions per year because of fraud and financial crime. Figures released last month by UK Finance1 show that criminals in the first half of this year stole a total of £609.8 million through authorised and unauthorised fraud and scams. And while this figure is down from the record highs seen during the pandemic, the number is still significant. Cost-of-living crisis set to cause further headaches New research by global data and analytics company, LexisNexis® Risk Solutions, shows that 43% of financial services organisations expect the cost-of-living crisis to increase the risk of financial crime and fraud over the next 12 months, as scammers target vulnerable consumers struggling with rising bills. The research also highlighted a concern that criminals are outpacing efforts to protect banks and their customers. A third (30%) of financial services organisations believe anti-fraud and financial crime systems are not developing fast enough to keep up with criminal techniques, whilst a similar number (32%) think fraudsters are spending more time targeting victims. So, with criminals continuing to look for new ways to exploit potential Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s 23

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