CyberCrime One Pager

RESEARCH REPORT

The implications of economic cybercrime for policing Action Fraud data on reported incidences of economic crime, over the period October to December 2014 (Q4) shows: 106,681 reported incidents.

A third of reports (33%) relate to banking and credit industry frauds.

A fifth of reported cases involved ‘cyber enablers’: online sales (19%), email (17%), hacking (11%) social network media (9%).

Telephone (35%), websites (18%) and in person (12%) are the most common methods used by economic criminals.

Median amounts of money lost to fraudsters ranged from £112 to £38,974 per victim.

£112 £ 112 to £38,974 BANKING

CREDIT INDUSTRY

29%

City of London Economic Development PO Box 270, Guildhall, London, EC2P 2EJ www.cityoflondon.gov.uk/researchpublications Twitter.com/@CoLresearch

Report prepared for the City of London Corporation

by Cardiff University

Of the cyber-related frauds reported, just over a third (34%) are cyber-assisted.

Half (50%) are cyber-enabled and just under a sixth (15%) are cyberdependent.

cyber -assisted -enabled -dependent

681

106,

29% of reports relate to non-investment frauds [includes online shopping and auctions (12%) and also computer software service frauds].

RESEARCH REPORT

PUBLISHED OCTOBER 2015

The implications of economic cybercrime for policing The use of the internet and technology to commit

crimes can be committed, and at which new types of crime

economic crime has been escalating sharply in

can evolve through technology;

recent years, bringing new challenges in preventing

n The distance at which it can be committed, often with the

and tackling such crime. This report has been

location being unknown, meaning the actual offence can

commissioned by the City of London Corporation,

take place thousands of miles away from where the impacts

with the support of the City of London Police, and

are felt or the victim is based;

prepared by Cardiff University, to assess the rising role

n Challenges around measurement, reporting, resourcing

of the internet in economic crime, and the implications

and keeping pace with technological developments.

for policing. It explores and answers key questions to help understand these implications - what is economic

The research reviews the challenges that economic

cybercrime, and what forms does it take? Who are

cybercrime poses for policing, and recent developments

the main actors – victims, attackers, protectors, and

in police approaches, to help effectively police economic

facilitators? What are the impacts of economic

cybercrime in the future. These include partnership working,

cybercrime on individuals, businesses and government

greater education and awareness-raising, information-sharing

entities, and what does this mean for policing

across industry and intelligence-led policing.

economic cybercrime?

Economic cybercrime creates a number of challenges for current policing approaches, relating to: n The volume and scale of crime that can be committed; n The speed and instantaneousness with which the

Full report available online www.cityoflondon.gov.uk/researchpublications