UK BANKING FRAUD LOSSES DROP 1.5% IN FIRST HALF OF 2024
October 24th, 2024
The amount of money stolen from British bank accounts through fraud dropped 1.5% in H1 2024 year-on-year, according to banking and finance trade association UK Finance (1). Nevertheless, GBP570 million (USD739.57 million) was still defrauded from British banking clients and the number of cases rose 16% to 1,601,517, with the body’s Half Year Fraud report blaming inadequate action by social media and telecommunications networks. UK Finance is calling for them to both share intelligence with banks and law enforcement and use “effective user verification” ...
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