BACKGROUND:
CityAM report rising UK fraud levels branded a ‘national threat’ by banks. Financial fraud rose by 30 per cent in the first half of 2021 resulting in losses of over £750m, according to the latest fraud report by banking trade body UK Finance, published this morning.
Authorised push payment fraud, where consumers were unwittingly scammed into approving a payment into a criminally-controlled account, increased 71 per cent during the first half of 2021 compared to the same period last year. Over £350m was lost to these types of fraud across over 100,000 cases.
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