Fraud is one of the most prominent threats facing the UK economy, costing a reported £130 billion each year. Due to the relentless activities of cyber criminals, businesses, and consumers alike are suffering from the devastating effects of fraud. In the first half of 2019, there were over 1.3 million cases of payment card fraud, a 16 percent rise on the same period last year, according to UK Finance. Furthermore, half of UK businesses have fallen victim to cyber fraud in the past two years, explaining why 42 percent believe cybercrime will have the greatest impact on businesses over the next two-year period.
