23 Sep 2021
UK Finance today releases its latest fraud report covering the first half of 2021. This report shows the scale of fraud taking place as well as demonstrating how criminals have shifted their focus to exploit weaknesses outside the banking system.
Changing nature of fraud
In previous years the largest fraud losses have been unauthorised frauds mainly committed using payment cards.
This year, however, criminals focused their activity on what is termed authorised push payment (APP) fraud. In APP fraud a customer is tricked into authorising a payment to an account controlled by a criminal. In these scams the criminal’s activity takes place outside the banking system.
Read the full press release by UK Finance here
Read the report here
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