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Fraud Epidemic Continues to Plague UK, with Losses Totalling £726.9 Million in 2022

London, [Current Date] - A new report by UK Finance has revealed that fraudsters are still adapting and using increasingly sophisticated tactics to trick consumers out of their hard-earned cash.

Fraud Losses Continue to Rise

According to the Annual Fraud Report, unauthorised payment card fraud losses decreased by less than one percent to £556.3 million in 2022, while remote banking fraud losses dropped by 18 percent to £163.1 million. Cheque fraud losses, however, rose by 18 percent to £7.5 million.

Authorised Push Payment (APP) Fraud Losses

Meanwhile, APP fraud losses continued to be driven by online scams, with gross losses of £485.2 million in 2022, a decrease of 17 percent compared to the previous year. The most common type of APP fraud was purchase scams, accounting for 57 percent of all cases.

Importance of Collaboration and Consumer Awareness

Despite the overall decline in APP fraud, the amount returned to customers increased by 5 percent to £285.6 million in 2022. This highlights the importance of banks and financial institutions working together with consumers to prevent fraud and mitigate losses. The report also highlighted the need for a broad coalition of effort from beyond the financial services sector to tackle fraud.

Take Five to Stop Fraud

“We urge all consumers to be vigilant and take steps to protect themselves from fraud,” said a spokesperson for UK Finance. “By following simple tips, such as stopping and thinking before parting with your money or information, you can help keep yourself and your loved ones safe.”

To stay safe from fraud, the Take Five to Stop Fraud campaign advises consumers to:

  • Stop: Take a moment to stop and think before parting with your money or information.
  • Challenge: Could it be fake? It’s okay to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.
  • Protect: Contact your bank immediately if you think you’ve fallen for a scam and report it to Action Fraud.

Download the Full Report

The full Annual Fraud Report can be downloaded here: [link].

Notes to Editor

  • UK Finance publishes both the value of fraud losses and the number of cases, as reported by its members, which include financial providers, credit, debit and charge card issuers, and card payment acquirers.
  • Unauthorised fraud refers to incidents where the account holder does not provide authorisation for a transaction, which is carried out by a criminal.
  • Authorised push payment (APP) fraud occurs when consumers are tricked into making payments directly from their accounts to fraudulent recipients.