Financial Fraud Action UK (FFA UK) has announced the launch of its new Take Five campaign which aims to raise awareness of fraud and provide practical advice for consumers.

The scale of fraud in the UK is growing. Official figures released by FFA UK reveal that the overall scale of financial fraud in 2016 was £768.8 million, an increase on the £755 million lost in 2015. This equates to the UK economy losing more than £2 million each day as a direct result of fraudulent activity.

The purpose of the Take Five campaign, which is supported by many of the UK’s major banks, financial service providers and mobile operators, is to ensure that consumers are aware of the various types of fraud and understand the practical steps to take to avoid falling victim to them.

For many people, falling victim to financial fraud is a real concern.  The latest research shows that almost three quarters of people (74 per cent) are worried about falling victim to financial fraud, while more than six in ten (68 per cent) expressed the same concern about their families.  Despite this, seven in ten (71 per cent) admitted they had never openly discussed how to protect themselves against financial fraud, with more than half (55 per cent) believing it was too complicated to talk about.

For both consumers and the economy, new anti-fraud campaigns such as this are a positive step forward. As telecommunications regulators also take steps to reduce the scale of fraud against network providers, it is hoped that the financial impact of these scams—on both people and organisations—will be significantly reduced in coming years.

For more information on the Take Five campaign, visit www.takefive-stopfraud.org.uk/

Editorial credit : UK Finance