Official UK data on crime vastly underestimates the scale of the problem as 85% of fraud and cybercrime goes unreported, according to figures from the City of London Police.
They report that an estimated 1.2m crimes were not reported by individuals and businesses such as banks in 2013-14, worth more than £12bn. This would mean that the total number of crimes over the year was close to 5m, rather than the figure of 3.7m recorded by the government.
The report, published by the London Assembly’s police and crime committee, stated that 70% of frauds are carried out using the internet.
Criminals require only “limited technical knowledge” to operate lucrative cons, it warned, while some detectives are reluctant to work on fraud cases as they were not regarded as “exciting”.
Some large businesses deliberately fail to report online crimes for commercial reasons, particularly if they feel there is little chance that the perpetrators will be caught. “In these cases, businesses are effectively absorbing the cost of the crime as a running expense,” the report’s authors comment. “Ultimately, it is likely that these costs are passed on to customers.”
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.
The Danish shipping and oil conglomerate confirmed that it will separate its businesses into stand-alone transport and energy divisions.