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Cybercrime: a fact of life in 2019 – don’t be a victim

Fraud and cybercrime represent a significant cost. The recent 2019 ‘Financial Cost of Fraud Report’, researched by Crowe UK and the University of Portsmouth, found that global losses equate to £3.89 trillion annually – a figure which amounts to 6.05% of the world’s GDP. For the UK, this cost equates to £130 billion each year. It is also a cost which shows no signs of slowing. Since 2009, losses to fraud have risen by a drastic 56.5%.

For businesses, this cost can make the difference between profit and loss and be significantly damaging from both a financial and reputational point of view. Cybercrime is not a marginal, peripheral problem, but one which affects all industries and organisations, no matter the size or location.

Another recent report published by Crowe, ‘The Dark Web: Bad for Business’, uncovered the existence of attempts to target, attack and defraud 21 of the top 50 UK brands through online market places. While undertaking the research, we found fraudsters selling materials to facilitate attacks on organisations. These included fraud packs, template bank statements, utility bills and passports, UK bank account numbers and sort codes and documents providing advice on phishing. All of these materials could be used to commit identity theft against individuals and defraud legitimate businesses.