Payments News

Risk & Fraud

Scammers steal £500m from UK bank customers in six months

“Criminals stole more than £500 million from UK bank account holders in the first half of 2018, according to industry figures. Bank trade group UK Finance says that £145 million of the losses were down to authorised push payment (APP) scams, where crooks trick victims into sending money to another account. The remaining £358 million was lost in unauthorised fraud, where fraudulent transactions are made without the bank account holder’s knowledge. UK Finance says that despite the losses, the industry managed to prevent over £700 million in unauthorised fraud.”