Latest Financial Crime & Scamming News

APPG LAUNCHES INQUIRY INTO YOUNG VICTIMS OF FINANCIAL CRIME

APPG LAUNCHES INQUIRY INTO YOUNG VICTIMS OF FINANCIAL CRIME

Today, Wednesday 14 February 2018, the All-Party Parliamentary Group on Financial Crime and Scamming launches a review into how young people can be protected from financial crime.

Figures released by Cifas, the UK’s fraud prevention service, revealed a 75 per cent increase in the misuse of bank accounts involving 18 to 24 year olds during the first nine months of 2017, compared to the same period last year. The most common example of this is when an individual acts as a ‘money mule’, which means they allow their bank account to be used to facilitate the movement of criminal funds.

Research commissioned by NatWest shows the same age group are less likely to be cautious online compared to older generations. This can put them at an increased risk of falling victim to online fraud. Over 80% are willing to share their email address online with their friends, and as many as 29% are willing to share their mother’s maiden name (a commonly used security question). This contrasts with only 12% of over 55s willing to share their mother’s maiden name.

Research also reveals that security is less of a concern for devices most used by young people for everyday activities such as online shopping. As well as this, the way that young people view security on their desktops is different to other devices; for example, whilst 86% would install security software on a PC, just 57% would do so on a tablet device such as an iPad.

This inquiry is seeking views and best practice from law enforcement, industry, the education and voluntary sector, and government on the scale of the problem. The inquiry seeks details on projects to help prevent these crimes amongst young people and thoughts on how current work can be improved.

Conor Burns MP, Chair of the All-Party Parliamentary Group on Financial Crime and Scamming, said

“I am glad the APPG on Financial Crime and Scamming is launching this important inquiry. Frauds and scams can affect everyone and we are increasingly seeing young people being targeted by criminals.

“In particular, acting as a money mule is money laundering and has serious consequences, when you’re caught, your bank account will be closed, making it difficult to access cash and credit. You could even face up to 14 years in jail.  If we have any hope of tackling and preventing financial crime then we must ensure that future generations know the advice to follow to prevent themselves from either falling victim to scams or committing fraud themselves.

“I look forward to individuals and organisations submitting evidence and hearing first-hand about best practice from across the country on how financial crime against young people can be stopped and prevented.”

To respond to this inquiry please visit: http://www.appgfinancialcrime.org/inquiries 

< Back to News
APPG Report Highlights Young People At Risk To Fraud

APPG Report Highlights Young People At Risk To Fraud This Christmas

14/12/18

Read more
APPG LAUNCHES INQUIRY INTO YOUNG VICTIMS OF FINANCIAL CRIME

APPG LAUNCHES INQUIRY INTO YOUNG VICTIMS OF FINANCIAL CRIME

Today, Wednesday 14 February 2018, the All-Party Parliamentary Group on Financial Crime and Scamming launches a review into how young people can be protected from financial crime.

Figu...

14/02/18

Read more
APPG Holds First Meeting – A Briefing by City of London Police

The All-Party Parliamentary Group on Financial Crime and Scamming held its first event in Parliament on Monday 4th December 2017, a briefing by Superintendent Peter Ratcliffe of City of London Police.

Superintendent Ratcliffe briefed Members of Parliament, Peers and other stakeholders o...

04/12/17

Read more
Conor Burns MP launches new All-Party Parliamentary Group on Financial Crime and Scamming

The Member of Parliament for Bournemouth West, Conor Burns MP, has this week launched a new All-Party Parliamentary Group on Financial Crime and Scamming.

Fraud is currently the number one volume crime in the UK. The most recent Office of National Statistics England and Wales Crime Surv...

01/12/17

Read more

Supporters

Bournemouth University
Which?
Age UK
CTSI
Cifas

Upcoming Events

What we do

The All-Party Parliamentary Group on Financial Crime and Scamming launched in October 2017. This APPG will look at the effect of financial crime, fraud and scams on society; how both industry, law enforcement and Government’s approach to this crime can be enhanced and improved; and act as a channel to brief Parliamentarians on this crime.

Contact

Cifas, the UK's fraud prevention service are providing the secretariat for the APPG on Financial Crime and Scamming.

Ross Archer
ross.archer@cifas.org.uk
Government and Parliamentary Affairs Manager
Cifas
6th Floor, Lynton House, 7-12 Tavistock Square
London, WC1H 9LT

Copyright © 2018. All-Party Parliamentary Group on Financial Crime and Scamming