Fraud losses in the UK reached £1.17 billion in 2023, with unauthorised and authorised fraud accounting for the amount, including £708.7 million from unauthorised transactions
Although there was a 4% decrease in losses from the previous year, the total number of recorded cases was still substantial at 2.7 million. Authorised push payment (APP) fraud losses also decreased by 5% to £459.7 million, with the main driver being purchase scams that tricked individuals into paying for nonexistent goods. Despite an increase in the number of APP cases, a significant portion of the losses (£287.3 million) was returned to victims. Ben Donaldson from UK Finance stressed the importance of collaboration with technology and telecommunication sectors to combat fraud effectively. https://www.finextra.com/newsarticle/44186/uk-bank-fraud-losses-topped-1-billion-last-year/security