Fraud in Focus: Assessing the connection between cashless trends and increased risks in the UK
Has the push to a cashless society increased the amount of Fraud? As our spending has moved online, unfortunately, fraud and other financial crimes have too.
Experts at Money.co.uk business have analysed fraud and cybercrime data to reveal that over a year, there’s been a general increase in fraud and cybercrime cases, up from 25,800 in December 2022 to 28,800 in December 2023, could this continue throughout this year if we continue to push cashless payments in the UK?
Number of fraud & cybercrime cases from Dec 22 – Dec 23:
| Month | Fraud & cybercrime cases |
| Dec 2022 | 25,800 |
| Jan 2023 | 28,500 |
| Feb 2023 | 25,800 |
| Mar 2023 | 30,900 |
| Apr 2023 | 27,000 |
| May 2023 | 28,600 |
| Jun 2023 | 31,100 |
| Jul 2023 | 33,400 |
| Aug 2023 | 34,900 |
| Sep 2023 | 29,700 |
| Oct 2023 | 31,400 |
| Nov 2023 | 32,500 |
| Dec 2023 | 28,800 |
But how can you optimise your business for this digital landscape? Kyle Eaton, money.co.uk business credit cards expert, gives his tips:
- Embrace digital marketing: Enhance your online visibility by optimising your website for search engines. Use keywords relevant to your business, create quality content, and maintain an active blog. Engage with your audience on social media and tailor your content to each platform for maximum impact. You can also send regular email updates and offers (with consent).
- Choose the right online payment platforms: Selecting the right payment platform is crucial for providing a seamless customer experience. Look for platforms known for reliability and reasonable fees, such as PayPal, Stripe and Square. Consider your business model and customer base when choosing a payment platform. It’s also wise to offer multiple payment options to cater to different preferences.
- Implement cybersecurity measures: Secure your website using HTTPS encryption. Ensure your site’s software is up to date, and implement strong password policies. Regularly train your staff on the importance of cybersecurity too, including how to spot phishing attempts and secure their devices. You should also have data protection policies, including regular backups and access controls. Comply with GDPR and other relevant data protection regulations.
- Use two-factor authentication (2FA): Implementing 2FA for accessing your business systems can significantly reduce the risk of unauthorised access. Encourage your customers to use 2FA as well.
- Invest in business insurance: Business insurance can protect against various online threats, including data breaches and cyber-attacks. Look for policies that cover cyber liability and professional indemnity insurance.
- Monitor and respond to threats: Conduct regular security audits to identify vulnerabilities. Have a plan in place for responding to security incidents to minimise damage and recover quickly.
“Optimising your business for the digital landscape involves a combination of adopting the right technologies, implementing robust security measures, and ensuring you have the insurance coverage needed to protect against online threats. By following these tips, you can position your business for success in the digital age.”
