UK Fraud Cases Surge, Totaling Over £570m in Losses

Despite a rise in fraud cases, new reimbursement rules aim to protect victims from financial harm.

Fraud cases in the UK increased by 16% in the first half of 2024, with criminals stealing over £3 million daily.
Total losses from fraud amounted to £571.7 million, marking a slight decrease from the same period last year.
Unauthorised fraud losses rose by 5%, largely due to 'card not present' scams and tricking victims into revealing passcodes.
Authorised push payment (APP) fraud losses decreased by 11%, with new mandatory rules requiring banks to refund victims promptly.
The financial industry calls for greater collaboration with tech and telecom sectors to address the root causes of online fraud.