Fraudsters Steal £500m+ from UK Consumers

Fraudsters Steal £500m+ from UK Consumers

UK consumers lost over half a billion pounds to scams in the first half of 2018, with online helping to drive authorised and unauthorised fraud, according to UK Finance.

The industry body revealed that of the £503m stolen in total over the period, the smaller amount (£145m) was lost due to so-called authorised push payment (APP) scams: when an account holder is tricked into making a payment to another account.

Although APP losses have jumped nearly 44% since the first half of 2017, UK Finance claimed that this is because of more accurate reporting this year.

By Phil Muncaster

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