Criminals stole more than £570 million through authorised and unauthorised fraud in the first half of this year, according to data published by UK Finance.
72% of authorised push payment fraud began online and 16% started via telecommunications.
The data also showed that banks prevented £710,9 million of unauthorised fraud using advanced security systems.
Commenting on the figures, Ben Donaldson, Managing Director of Economic Crime at UK Finance, said: ‘Fraud continues to pose a major threat in this country with over £570 million stolen through payment fraud in the first half of the year. In addition to the financial impact, this crime can cause severe psychological harm to victims.
‘This isn’t a fight we will win alone as our data again shows that most fraud originates online and via telecommunications networks. There have been some improvements made by other sectors, but their actions don’t yet fully match the scale of the problem – more needs to be done to prevent fraudsters exploiting these platforms and networks.’
30/10/2024
View all >
27/06/2025
Tax Gap estimated at 5.3%
The tax gap estimate was 5.3% for the 2023/24 tax year, according to the latest data from HMRC
READ MORE
Government launches Industrial Strategy
The UK government is aiming to slash energy prices, unlock investment and upskill the workforce in its Industrial Strategy.
Latest guidance for employers
HMRC has published the latest issue of the Employer Bulletin. The June issue has information on various topics, including:
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.