From: RegTech Analyst
A specialist policing unit funded by the banking and finance industry revealed that £20m worth of fraud was prevented in 2020 – a figure up by £1m compared to 2019.
The Dedicated Card and Payment Crime Unit (DCPCU) arrested 122 fraudsters last year who were guilty of using members of the public as “money mules”. It achieved so by targeting organised criminal gangs responsible for fraud in the UK.
To add on, the DCPCU – which is comprised of officers from the City of London Police, Metropolitan Police Service as well as staff from trade association UK Finance – recovered 18,175 credit card numbers and seized £2.6m worth of assets in 2020.
As part of the crackdown on fraudsters, the DCPCU took down 731 social media accounts linked to fraudulent activity of which 258 were actively involved in recruiting money mules.
Some of the other convictions involve a campaign that sent out fake text messages offering tax refunds from the UK government. The DCPCU also sentenced a cheque fraud gang to a total of over 24 years in prison, as well as a courier scam fraudster who spent £5,000 in a two-day period on cards stolen from three elderly victims.
The unit is currently investigating over 150 cases including coronavirus-related scams. For instance, some ongoing cases going to trial involve frauds accused of sending text messages related to the Covid-19 vaccine which were sent to cheat people and take their personal bank details.
The UK Police added that the scams accelerated especially after the pandemic as fraudsters took advantage of people being at home and online.
Urging members of the public to be increasingly vigilant, managing director of economic crime at UK Finance Katy Worobec said: “We would urge the public to follow the advice of our Take Five to Stop Fraud campaign to stay safe from scams, and always take a moment to stop and think before parting with their money or information.”
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