In today’s news, the National Audit Office has criticised police, the government and banks for failing to tackle cybercrime after it was revealed just one in 150 police officers is dedicated to investigating cyberfraud.
The NAO says the cost to the economy as a whole was £144bn last year.
Sir Amyas Morse, head of the National Audit Office, said: “For too long, as a low-value but high-volume crime, online fraud has been over-looked by government, law enforcement and industry. It is now the most commonly experienced crime in England and Wales and demands an urgent response.”