In the latest data from the City of London Police’s Action Fraud reporting tool, the figures showed that there were almost 107,000 reported incidents of economic crime (businesses and individuals) in the last quarter of 2014. Reported banking and credit industry fraud accounted for the largest portion at 33 per cent. Other research has shown that losses from online banking fraud rose in 2009 at ?59.7 million and peaked to a new high in 2013/14, at ?60.4 million.
The report also evaluates the ‘Four Ps’ Government strategy of policing economic cybercrime:
- Protect – the primary prevention for business and public against crime
- Pursue - following up cases with prosecution and disruption
- Prevent - stopping people becoming criminals
- Prepare - reducing the impact if a crime occurs
The report highlights the key challenges facing law enforcers and the Four Ps strategy, which includes: the complexity of cases; a cross territorial scale; rapidly changing tactics of offenders; the volume of incidents; victims being often unaware of the impact; a reluctance to report the crimes; and a lack of information about organised crime groups and activity.
The report highlights a number of potential policing responses, including suggestions that:
- There should be a greater focus on the ‘Prevent’ strategy rather than ‘Pursue.’ This includes better educating citizens, especially vulnerable people, of the risks of cybercrime.
- There should be an emphasis on partnership working and greater coordination across police forces and other key bodies, nationally and internationally – including the National Crime Agency, Intellectual Property Office and Trading Standards as part of the wider policing family, as well as international partners.
- Law enforcers should place a greater focus on disruption tactics – such as identifying and shutting down fraudulent websites – over enforcement investigating.
- Building on existing efforts of a joined-up approach to policing economic cybercrime, addressing those crimes that by volume, value, harm and/or severity of threat, and identification of the organisation and location of perpetrators, appear to pose the biggest risk.
Mark Boleat, Policy Chairman of the City of London Corporation, said:
“This report shows that economic cybercrime continues to pose a grave threat to our economic stability and its impact is felt across society, impacting on businesses and individuals alike. Because everything to do with cybercrime is evolving – the speed at which it grows, its global reach and the volume at which it is constantly increasing – we need to see continued collaboration between Government, law enforcers and industry to tackle the issue.”
Adrian Leppard, QPM, Commissioner of the City of London Police, said:
“We should expect all police forces to be putting cybercrime as a priority and exploring ways in which they can use their existing resource, coupled with volunteers and local businesses to help in the mission to protect. Cybercrime should not be a priority for police, merely because adequate resources aren’t available.
“There needs to be a renewed approach to the care and education of victims of cybercrime, to prevent further victimisation. We need to reach those at risk, particularly with the SME community and those individuals relatively new to the internet.”
