Fraud on rise due to dark web data sales

 The fraud epidemic hit a record two million cases last year as dark web data thieves evaded detection by banks, figures show.

The amount of fraud blocked by banks fell from £7 in every £10 thieves try to steal to £6 because the criminals were becoming more successful in gaining people’s financial details, UK Finance said.

Cyber experts say people’s personal data is available to buy on the dark web for just a few pounds.

However, despite the rise in cases in 2017, fraud losses on payment cards fell eight per cent year-on-year to £566million. About half of this loss (£236million) is lost to so-called “authorised push payment” scams where thieves convince victims to transfer money to a criminal’s bank account.

Deception scams remain a key driver of fraud, according to the Financial Conduct Authority.