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