Fergie's Tech Blog

UK Banks Hiding Online Fraud, Say Police

Rupert Jones writes on The Guardian.co.uk:

Banks and other financial institutions are deliberately failing to report incidents of online fraud to the police, possibly because they are worried about the potential damage to their reputations, a senior police officer said yesterday.

Metropolitan Police officer, Detective Superintendent Russell Day, told a group of MPs investigating the fast-growing problem of identity theft, that banks were keeping quiet about attacks on their systems, either because of concerns over public confidence or because they lacked confidence in the ability of the police to deal with such crimes. One MP said the true cost of identity theft to the UK economy could be much greater than the official figure of £1.7bn a year.

posted by Fergie @ 12/04/2006 05:08:00 PM