UK 'losing war on cyber crime as lost revenue hits 205 mln pounds per year'

Last Updated: Mon, Dec 31, 2012 07:10 hrs

Britain is losing the war on Internet crime, after it emerged that cyber crime cost businesses in the country around 205 million pounds in lost revenue last year, a leading police officer has admitted.

Commissioner Adrian Leppard, head of City of London Police, said online fraud was rising 'exponentially', with the largest number of attacks originating from Eastern Europe and Russia.

In a stark warning to MPs earlier this month, he said police were struggling to keep up with increasingly sophisticated Internet criminal, the Telegraph reports.

According to the report, Keith Vaz, chairman of the Commons home affairs select committee, suggested to Leppard that Internet criminals "keep running rings around some of the best police officers in the country".

The National Fraud Intelligence Bureau has identified some 300 internet fraud gangs worldwide, Leppard told MPs, the report said.

Groups in 25 countries have chosen Britain as their main target.

Leppard said half of all fraud in Britain, which costs the country 70?billion dollars a year, is conducted online.

Among the victims are wealthy retired people who are conned in fraudulent share schemes at a cost of 3.5?billion pounds a year.

He said that there is "plenty of evidence" that al-Qaeda and other terrorist groups are using the proceeds of online fraud to finance their activities, the report said.

According to the report, retailers have seen online fraud increase by 30 percent in the past year, costing them 205?million pounds in 2012. (ANI)

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