It has been reported this week that, in the UK alone, an incredible five million people had to cancel their debit and credit cards within the last twelve months, with one in ten adults needing to change their cards after a cyberattack, identity theft or card cloning incident. Even more staggering is that more than £2 billion was stolen in total as a result of bank fraud.
These figures are symptomatic of the ever-increasing scourge of bank fraud and in particular cybercrime on individuals and businesses alike. Whilst the victim’s first call is usually to the police, the scale of cyber offences is so high that only a small fraction of crimes are investigated, with an even smaller number of such crimes leading to a conviction.
As an alternative option, civil recovery processes provide a way for victims of cybercrime and other forms of bank fraud to identify and pursue fraudsters and recover stolen monies, a strategy that to date that we have deployed on behalf of our clients. Working together with our colleagues in the ICC’s renowned FraudNet taskforce, PCB Litigation offers a dedicated global response team capable of successfully pursuing such strategies.
Speed is often of the essence, so as well as contacting the police victims of cybercrime and other bank frauds are urged to contact civil asset recovery specialists as a matter of priority.