Online fraud is rising “exponentially,” with the largest number of attacks originating from Eastern Europe and Russia. That’s according to Adrian Leppard, head of City of London Police, who admitted that the police were struggling to keep up with increasingly sophisticated internet criminals.
Advisen reports that half of all fraud in Britain, which currently costs the country £70 billion a year, is conducted online. Many of the victims are wealthy retired people conned into fraudulent schemes, losing £25k on average. In addition, there is a lot of evidence that alQaeda are using the proceeds of online crime to fund their attacks.
As the police force faces more budget cuts, many of the 800 specialist internet crime officer jobs may be lost. Leppard said that he worried that as online crime and fraud increases, Britain’s capacity to tackle the problem will be even more diminished.