Find out about the different types of financial fraud, how you can protect your money and what to do if you're a victim.
Financial fraud is a common crime in the UK and it comes in many different guises, but essentially it all boils down to people scamming you out of your hard-earned money.
Of the card fraud losses in 2016, a massive £432.3m was due to 'remote fraudulent purchases', which are scams operated by phone, online or through the post.
"The industry continues to face the challenge of criminals using scams and computer attacks to trick people into disclosing their personal details or parting with their money," said Katy Worobec, director of FFA. "Raising public awareness is key to beating the fraudsters."
When it comes to financial fraud, there are a number of tactics that fraudsters commonly employ.
This is mostly carried out by fraudulently obtaining card details, using methods such as recording card details during legitimate transactions or downloading malware onto the victim's computer.
The fraudsters can then use these details to make purchases online or via telephone and post.
Lost and stolen cards can be used to make remote purchases as above, or in shops that don't use chip and pin.
This is why it's so important to cancel cards as soon as you realise they're missing.
Fraudulently obtained cards or card details can be used with stolen personal information to either open a new bank account or take over someone else's account.
Cards may be stolen during transit and used fraudulently. The risk increases if you live somewhere which has communal letterboxes providing shared access to mail.
Fraud can take place at cash machines by using entrapment or skimming devices (physical devices that fit over the card slot and record your card details).
In less sophisticated scams, thieves may watch over your shoulder as you enter your Pin, then steal your card to use.
The internet age has opened up a world of new possibilities for fraudsters.
There are many different tactics that fraudsters can employ to try and get their mitts on your money without coming face to face with you.
Phishing emails will come from someone pretending to be a reputable company.
The emails are sent blindly to a huge number of recipients.
Usually they'll ask you to enter your account details, or they might say you've won a competition, but of course you'll need to send them money to receive the prize - don't fall for it!
Vishing is when fraudsters phone a victim using Voice over Internet Protocol (VoIP), which is where voice calls are made over the internet rather than using a landline.
They then persuade the victim to give out personal information and account details, which they can use to falsely take money or make purchases.
Watch out for unsolicited calls claiming to be from companies like your bank, requesting personal details.
"Fraudsters can be very convincing and often target people over the phone," said detective chief inspector Perry Stokes, head of the Dedicated Card and Payment Crime Unit (DCPCU) in a March 2015 report by Financial Fraud Action UK.†
"If you receive a phone call out of the blue, never take for granted that the caller is who they say they are, even if they seem to know a lot about you.
"If you're asked for your card details, Pin or to transfer money to another account from someone who has cold called you, my advice is to hang up the phone immediately and report the incident to your bank."
Although it may sound odd, SMiShing is similar to the previous two types of fraud, except it's carried out via text message.
As with phishing and vishing, the fraudsters will impersonate a reputable company.
The SMS will either ask you to open a link where you'll need to enter your personal information or phone up a number and verify details with them.
Malware or malicious software is when a computer virus is installed onto your computer without your knowledge.
This software enables fraudsters to steal personal information or perform actions through your device.
It could also be present in the form of pop-ups appearing when you click on legitimate online banking pages.
These will then ask you to enter personal information and capture it this way.
Knowing the warning signs to look out for will help to protect you from financial fraud.
There are simple ways you can help prevent yourself becoming a victim of fraud.
Action Fraud † is the national fraud and crime reporting centre for the UK, and you can report an incident of fraud via telephone or through its online form.
You'll be provided with a national crime reference number and the case will be evaluated by the National Fraud Intelligence Bureau.
Note that not all cases will be investigated, but reports will help police to combat fraud as a whole in the UK.