Santander issues urgent £907 message to customers
Around one in five people have been victims of financial fraud, with banking giant Santander warning of a "fraudemic" which means Brits are more at risk than ever of having their cash stolen. Bosses have called for a "renewed focus" on tackling fraud which is now becoming part of everyday life.
Over a fifth of people (21%) who took part in a global success reported they had been a victim of fraud, with Brits losing £907 on average. Around 10 million Britons fell victim to fraud between 2021 and 2023 according to experts at the Social Market Foundation (SMF).
Santander and the SMF are calling for greater investment to help tackle fraud and keep households' money safe. People have also been told it is more important than ever to be on their guard about suspicious texts, emails and calls as well as to be wary when shopping online, particularly around social media ads.
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Stephen White, chief pperating pfficer at Santander UK, said: “The report puts to paper the sheer scale of the fraudemic that we’re seeing. Despite the best efforts of banks and policymakers, the criminal gangs who sit behind fraud are enriching themselves to the tune of billions and costing the global economy hundreds of billions.
"Fraud has become a global phenomenon, as such it needs global, collective action. The UK is in a prime position to lead this charge, but we need renewed focus on tackling the fraudemic across Government, banks, and the global technology and communication companies that connect criminals with potential victims.”
Richard Hyde, senior researcher at Social Market Foundation, added: “Our research presents the clearest picture yet of the scale of the global fraud problem. It is not just the UK that is besieged by fraudsters – both developed and developing countries face huge fraud challenges.
“Any nation acting alone remains ill-equipped to deal with today’s fraudsters, who can operate from anywhere and claim a victim thousands of miles away. To tackle the challenge, governments across the world need to co-ordinate and put in place strong counter-fraud measures at home; this will create the best platform from which the world can deal with cross-border fraud. We believe that the UK can and should facilitate and lead that global movement”.