UK Finance said it was “shocked but not surprised” at a 4% increase in the amount stolen by payment fraudsters, and called for more action by tech firms that are inadvertently “profiting” from fraud.
The banking industry body called for stronger, enforceable responsibilities to be placed on social media companies.
During a media briefing in the lead-up to the announcement of its latest payment fraud figures, Ruth Ray, managing director of economic crime at UK Finance, said: “The alarming truth is that the tech platforms are financially benefiting from fraudulent advertising. It’s wholly wrong that other sectors are knowingly profiting from fraud and scams due to loose controls around advertising.”
She pointed out that this includes platforms such as Facebook Marketplace, Instagram and TikTok. “Many of these large online social media platforms are where criminals prey on their victims,…
Review your monthly bank statements and credit card bills line-by-line to spot small “tester” transactions of R5 or R10, which fraudsters use to verify if a stolen card is still active.