The Rising Cost of UK Fraud: New Data Reveals

Written By Alla Levin
September 30, 2021
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The Rising Cost of UK Fraud Doesn’t Appear to be Stopping Anytime Soon. New Data Reveals

Online safety should be a top priority for any business. The cost of fraud is rising and devastating many small businesses. Tools like Skurio’s dark web monitoring tool could prove vital in the fight against fraudsters. They allow companies to fight back and secure the internet.

The rising cost of UK fraud should be a cause for concern. It is estimated fraud will cost the UK economy £137,000,000 000 in 2021. The figure is so big it’s hard to comprehend. With the money wasted on fraud annually, people could have purchased the following items:

  • 49,818,181,818 cups of delicious coffee;
  • 304,451,210 PlayStation 5 consoles to play the latest games;
  • 361,477,572 smartwatches to keep fit;
  • 22,871,452,420 monthly subscriptions on Netflix.

Online fraud takes a lot of money away from the consumer, businesses and the economy. Although the cost can be reimbursed from insurance or credit card providers, the cash is initially taken away. For a small cafe, those cups of coffee can be the straw that breaks the camel’s back. A business needs to opt for tools like the dark web monitoring tool to reduce the impact of fraud.

Fraud can also have a big impact on consumer trust. Brand reputation is crucial for a business. If a customer loses money on your business’ website, they might stop trusting your business altogether. It doesn’t matter if it wasn’t your fault. Online fraud is much more than just the monetary cost inflicted on a business or an individual.

What does a dark web monitoring tool do?What does a dark web monitoring tool do

Online fraudsters don’t often operate in the daylight. When they get their hands on stolen data, they tend to put it up on the dark corners of the web. You can find this information using a dark web monitoring tool.

These handy tools allow you to scout the dark web and find what’s hiding in these secret sites. The devices have the benefit of providing you with secure and safe access. It’s possible to access the dark web manually, but this comes with risks.

The sites active in the dark web often have malicious links that could end up hurting your business more if you go and click them. Dark web monitoring services can avoid these risks and find stolen information safely.

When you use domain monitoring tools, you are searching the web for stolen data. Let’s say that a fraudster has created a domain to mimic your business’ website. It could be impossible for you to know this is happening unless you are actively looking for breaches of copyrighted content.

You can use the dark web monitoring tool to find duplicate domains and content. If you find it, you can take steps to strike this content down and prevent fraudsters from using it to trick people.

You can also use the tool to find stolen information. The tool can alert you to possible data breaches. If fraudsters have gotten their hands on stolen personal data, you can find it and take action to stop the information from being used for fraudulent transactions.

Online fraud is rising

The above figures highlight the real cost of online fraud in the UK. The bad news is how the situation isn’t going to get any better in the near term. Research by consumer rights group Which?, and reported by the Financial Times, shows how online fraud has increased during the COVID-19 pandemic. Cases of fraud increased by a third in 2020 and at a faster pace than previously.

A big reason behind the rise is increased online activity. The pandemic increased the speed of digitalization. Much of business activity had to move online, and many companies were caught off guard. Businesses weren’t ready to handle so much of their activity online.

That is why tools like the dark web monitoring tool are essential for business security. While preventative steps are important, it’s impossible to stop fraud altogether. Therefore, businesses must be proactive in taking steps to deal with attempted frauds and data breaches. By taking these vital steps to protect your business, you can build customer confidence as well.

How to report online fraud

The good thing about dark web monitoring tools is that they can often report the fraud on your behalf. The tools can also make sure you have evidence of what was stolen and how it’s being used. This can all be important in terms of ensuring the fraudsters face the consequences of their actions.

It’s vital to gather the information and go to the police. On top of this, NCSC and Action Fraud are effective organizations dealing with online fraud. They can help both individuals and businesses in tracking down fraudsters and taking action. You can also find more information on online fraud and how to prevent it from their websites.

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