meta_pixel
Tapesearch Logo
Log in
Money Box

The psychology of fraud

Money Box

BBC

Business

4.2825 Ratings

🗓️ 20 April 2019

⏱️ 25 minutes

🧾️ Download transcript

Summary

Criminals fraudulently stole £1.2 billion last year from our bank accounts according to the industry body UK Finance.

But that’s just the tip of the iceberg - the true scale of financial fraud is hard to put a figure on. As many as four out of five people who have been stung don't report it.

Fraud is an epidemic that’s seemingly out of control.

In this programme, Iona Bain asks why do we fall for fraudsters?

How do they manage to dupe us into hitting the transfer button on fraudulent transactions worth thousands of pounds? Can understanding this give us more of a fighting chance against them? And what’s the role of technology in all of this - both as a catalyst and as a possible cure?

Producer: Alex Lewis Editor: Emma Rippon

Transcript

Click on a timestamp to play from that location

0:00.0

In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers.

0:08.0

But the man who often found, tortured and sometimes killed these people on behalf of the IRA

0:12.0

was himself an informer, a secret British army agent with the codename Stakeknife.

0:18.0

Who gets to play God? And why me? Why my family?

0:21.3

When lies are still being told to this day, who do you believe?

0:25.1

I wouldn't even know where to start.

0:26.7

And I'm with the IRA.

0:28.5

Steakknife.

0:29.7

Listen first on BBC Sounds.

0:33.5

BBC Sounds, music, radio, podcasts.

0:37.7

Last year, criminals stole 1.2 billion pounds from our bank accounts,

0:43.1

according to the industry body UK finance.

0:45.6

But that's just the tip of the iceberg.

0:47.8

The true scale of financial fraud is hard to put a figure on,

0:50.8

because as many as four out of five people who have been stung are too

0:54.9

embarrassed to report it. Fraud is an epidemic that's seemingly out of control. In this program,

1:01.2

we're looking at the psychology of fraud and asking, how do scammers trickers into handing

1:06.4

over thousands of pounds and can understanding their techniques give us a fighting chance. Well, Katie Warbeck

1:12.8

is the managing director of economic crime at UK finance, the voice of the British banking industry.

1:18.6

Now, Katie, the latest fraud figures for 2018 were out at the end of March. What do they tell us?

1:24.3

Well, as you say, 1.2 billion is the top figure. Within that, we split it into two

1:28.6

different types. I think the one that we're particularly focusing on probably here today is the

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from BBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.