UK BANKS REPORT OVER GBP1.2 BILLION 2022 CONSUMER FRAUD LOSSES – SLIGHTLY LESS THAN IN 2021
May 21st, 2023
British banking organisation UK Finance reports that the value of losses to consumer frauds exceeded GBP1.2 billion (USD1.5 billion) in 2022, down from GBP1.3 billion in 2021. UK Finance’s Annual Fraud Report for 2023 (1) reveals the value of losses through authorised push payment (APP) scams declined by 17% compared to 2021 to GBP485.2 million (USD606 million). Most (78%) APP fraud cases detected started online, with 18% starting via voice telecommunications, which the report says shows the “need for other sectors to act” notably social media platforms. ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.