UK account-hack losses surge as new reporting system exposes hidden cases

The City of London Police has reported a significant increase in losses due to account hacks, with victims losing £6.3 million in the year ending March 31, compared to £1.2 million the previous year. This represents a substantial surge in reported losses, which totaled $8.5 million and $1.6 million respectively in US dollars. The increase in reported losses is attributed to a new reporting system that has helped expose previously hidden cases. The data was published in the police department's first annual assessment on Friday. The new reporting system appears to be providing a more accurate picture of the scope of account hack losses. The increase in reported losses highlights the growing issue of account hacks in the region.