Fraud cases have surged by 15 per cent year-on-year for the first half of 2024, setting a record amount over the first six months of the year, the annual Northern Ireland Fraud Forum’s Conference was told today at Hilton Hotel Belfast.
Held to mark International Fraud Awareness Week, the conference featured a keynote speech from Minister of Justice Naomi Long MLA and put the fight against fraud at centre-stage under the theme: Fraud 2.0 – Fighting the curse of fraud and cyber-enabled crime to safeguard our future.
The third annual NI Fraud Forum conference in Belfast, the event brought together experts, innovators, and industry leaders to learn and discuss how to tackle the alarming rise of sophisticated fraud methods, powered by cutting-edge technology.
Cifas’s H1 2024 Fraudscape report states that fraud cases increased by 15 per cent year-on-year in the first six months of 2024, representing a continued alarming rise with identity theft and scams targeting vulnerable individuals showing the steepest increases.
A record numbers of cases were filed to the National Fraud Database in the first six months of 2024, with cases of identity fraud the most reported. Uncertainty around the UK economy, continued pressures of the cost of living, conflict and political uncertainty and changing technology, particularly the growth of AI, were all said within the report to have provided the opportunity for threat actors to exploit across the first six months of the year.
214,882 cases were filed to the National Fraud Database between January and June 2024, an increase of 15 per cent compared to the same period for 2023. All case types recorded an increase over this period, a finding that is particularly noteworthy as whole-year stats for 2023 recorded a 9 per cent reduction on those for 2022. Filings between January and June 2024 are also 8% higher than the same period in 2022.
Speaking today at the conference, Bill McCluggage, Chairman of the NI Fraud Forum, said that “the rise of AI-driven scams, such as deepfake voice and video impersonations, has taken fraud to unprecedented levels, leaving individuals and businesses struggling to keep up. Fraudsters now wield AI to mimic voices and create hyper-realistic videos, tricking people into transferring money or divulging sensitive data”.
Speakers at the conference included representatives from the City of London Police, Danske Bank, NI Cyber, the Competition and Markets Authority, Asset Reality, Wayne Denner, and the Financial Conduct Authority. All warned against the prevalence of fraudulent activities ahead of Black Friday sales and the Christmas period, and cautioned against scams offering financial help, lucrative investment opportunities, employment scams, and fake adverts.
Minister of Justice, Naomi Long MLA said: “Despite ongoing awareness campaigns, members of the public continue to be tricked by so-called scammers. PSNI figures show that in the 2023/24 financial year there were 3,815 reports made to Action Fraud about fraud in NI. This resulted in £16 million worth of reported losses – 23 per cent of these were in relation to online shopping and auctions frauds.
“As Justice Minister, I work closely with UK Government Ministers to consider legislation that would benefit Northern Ireland. I also plan to bring forward new bespoke legislation, in the Assembly, to prosecute those involved in criminal conduct linked to serious organised crime in the new Justice Bill.
“However, we know that legislative measures alone will not solve the problem and that we all have a role to play. We will continue to work closely with partners such as the PSNI, the Organised Crime Taskforce, the Executive’s Programme on Paramilitarism and Organised Crime, Scamwise, Crimestoppers and Policing and Community Safety Partnerships who provide a huge amount of advice on preventing and reporting cyber-crimes, and on work to tackle fraud and scams.”
Bill McCluggage, Chairman, Northern Ireland Fraud Forum, said: “The conference comes ahead of Black Friday when bargain hunters are looking to snap up deals online but it is also prime time for cyber criminals looking to defraud holiday shoppers. The event highlighted the fact that more needs to be done to combat fraud and spotlit strategies to combat fraud threats, uniting legal experts, forensic accountants, third sector advisors, law-enforcement, cybersecurity professionals, regulators and government representatives. Attendees explored innovations designed to outpace fraudsters and share insights on building a fraud-resilient future.
“With fraud costing the UK billions annually, this forum is more than just an interesting event - it’s a rallying cry for action that coincides with International Fraud Awareness Week. We all need to be part of the discussion on how to solve the growing scourge of fraud and design counter-fraud solutions to secure a safer tomorrow for us all. Together, we’ll conquer Fraud 2.0.”
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