UK FINANCE SAYS PUSH FRAUD BOOM MAKES FINANCIAL SCAMS A NATIONAL SECURITY RISK
September 1st, 2021
Britain’s financial services trade association UK Finance has warned of a glut in fraud in January-June 2021 (H1), with fraudsters stealing GBP753.9 million (USD1 billion) in this way, up 30% from H1 2020. Advanced security systems used by banks prevented a further GBP736 million from being stolen, said UK Finance. Of particular concern was a boom in authorised push payment (APP) scams where people are duped into handing over money or personal details, with these losses rising 71% year-on-year in H1 2021 to GBP355.3 million, with this type of fraud now ...
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