UK Finance Half Year reports £570m stolen in payment fraud

The report highlights trends in fraud by analysing fraud data contributed by 34 financial institutions (FIs).

Despite a reduction in overall losses, fraud remains a serious issue and a significant contributor to the volumes of overall crime.

Key takeaways from the report include:

• £570m was stolen in payment fraud during the first half of 2024, a 1.5% decrease compared with the previous period;
• FIs prevented £710.9m of unauthorised fraudulent transactions during the period, an increase of 13%; and
• Authorised Push Payment (APP) Fraud accounted for £213.7m of losses with 59% of the total loss being returned to victims.

The report urges ongoing collaboration between law enforcement, telecoms, social media, and technology companies to combat fraud.

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