UK Fraud: Consumer Protection Calls Grow
- Despite increased awareness and technological investments, fraud continues to plague the UK, with scammers stealing £1.17 billion in 2024, according to UK Finance.
- While authorized push payment (APP) fraud, where victims are tricked into transferring money, saw losses decrease from £460 million to £450 million, unauthorized fraud surged.
- The number of APP fraud cases dropped by 20% to under 186,000, marking the lowest figure since 2020.
UK consumers lost a staggering £1.17 billion to fraud in 2024, despite reimbursement efforts, according to UK Finance. This report reveals a shifting fraud landscape, with authorized push payment (APP) fraud losses slightly decreasing while unauthorized fraud surged. Investment fraud, a subset of APP fraud, saw a concerning increase. Simultaneously, unauthorized fraud cases, driven by remote purchase fraud, have climbed considerably. Industry leaders are urgently calling for a “systemic solution” to combat the pervasive nature of fraud, emphasizing collaboration across sectors. The Payment System Regulator’s measures are returning significant amounts of money. News Directory 3 looks closely at the evolving strategies. Discover what’s next for consumers and the fight against financial crime.
UK Fraud Losses Remain High Despite Reimbursement Efforts
Updated May 27, 2025
Despite increased awareness and technological investments, fraud continues to plague the UK, with scammers stealing £1.17 billion in 2024, according to UK Finance. The trade body’s annual report reveals a complex landscape where certain types of fraud are decreasing while others are on the rise.
While authorized push payment (APP) fraud, where victims are tricked into transferring money, saw losses decrease from £460 million to £450 million, unauthorized fraud surged. Losses in this category,where transactions occur without the owner’s knowledge,jumped to £722 million from £709 million.
The number of APP fraud cases dropped by 20% to under 186,000, marking the lowest figure since 2020. However, investment fraud, a subset of APP fraud, saw losses increase by 34% to £144 million, despite a 24% reduction in cases. Meanwhile, unauthorized fraud cases climbed by 14% to 3.13 million, driven by a rise in remote purchase fraud using stolen card details.
Gadi Mazor, CEO of BioCatch, emphasized the need for a complete approach. “Fraud in the UK still isn’t declining. Now is the time to recognize this blight as the systemic problem it is and address it with a systemic solution,” Mazor said.
Fraud causes severe harm to individuals, society and our economy as the stolen money goes to serious organised crime groups, both here and abroad.
The Payment System Regulator’s mandatory reimbursement for APP fraud victims, implemented in October, resulted in 86% of stolen money being returned within the first three months. Victims of unauthorized fraud, legally protected against losses, received full refunds in over 98% of cases, according to UK Finance data. These fraud prevention measures are helping to return money to victims.
What’s next
Donaldson is calling for increased collaboration and action. He urged the technology sector to “step up and fight” fraud originating on their platforms and networks, highlighting the need for a united front against cyber security threats.