London Daily

Focus on the big picture.
Thursday, Dec 26, 2024

Warning UK losing £2,300 per minute to fraud

Warning UK losing £2,300 per minute to fraud

People in the UK lost £1.2bn to fraud in 2022, the equivalent of £2,300 every minute, according to bank industry group UK Finance.

It said around three million scams took place - slightly less than the previous year - with frauds involving payment cards being the most common.

UK Finance said losses were not always reimbursed and urged tech firms to "share the burden" of covering costs.

Ministers say they will get tougher on scams as part of a national strategy.

Fraud is now the most common crime in the UK, with one in 15 people falling victim.

According to UK Finance, the amount of money stolen in 2022 was actually 8% less than in 2021, and fraud cases were down 4% - but there were still nearly three million cases across the UK in total.

It said the most common type of fraud after card fraud was scams involving purchases.

*  It also found that romance fraud - where a scamming gang pretends to be romantically interested in the victim to get money - increased in 2022.

*  However, investment fraud, where fraudsters pretend to offer an opportunity to invest, fell by a third amid cost-of-living pressures.

UK Finance boss David Postings said drugs gangs, criminal groups abroad and "state-sponsored bad actors" were responsible for the majority of fraud.

He added that while banks were legally obliged to refund so called unauthorised fraud, they did not have to cover the costs of authorised scams - where victims are tricked into agreeing to send sending money to fraudsters.

As a result, banks only refunded about 59% of the losses from this type of fraud on a voluntary basis, amounting to £285.6m of the £485.2m stolen.

Mr Postings said many of the most common frauds started online and called on tech and telecoms companies to play a greater role in reimbursing lost funds.

However, industry group Tech UK said technology firms "already take a wide range of active measures to prevent fraud".

In terms of future threats, Mr Postings said he was concerned that artificial intelligence [AI] would let scammers "spoof people even more than is already the case".

He added that AI could be used to automate fraud and generate convincing scams to trick people.

The government recently released a new fraud strategy, which will include allowing banks to delay payments from being processed for longer, to allow for suspect payments to be investigated.

The strategy will also include banning cold calls on all financial products, such as those relating to bogus insurance or sham cryptocurrency schemes, to help stop scams at source.

Newsletter

Related Articles

0:00
0:00
Close
Reform UK Declares Itself the 'Real Opposition' Amid Membership Surge
Pope Francis Opens Holy Door at Major Italian Prison
Britain’s ‘Wild West’ of Weight-Loss Jab Promotions Faces Growing Scrutiny
Pope Francis Urges Unprecedented Dialogue Amid Escalating Ukraine-Russia Tensions
Dozens Survive Kazakhstan Passenger Jet Crash Amid Tragedy
Kazakhstan Air Disaster: Dozens Survive as Authorities Probe Fatal Plane Crash
Postal Workers Demand Government Probe Into Royal Mail 'Fake Deliveries' Scandal
Explosion Sinks Russian Cargo Ship Ursa Major in Mediterranean
Mystery Shrouds U.S. Citizen Gene Spector's 15-Year Espionage Sentence in Moscow
Zelenskyy Alleges 3,000 North Korean Casualties in Russian Conflict
North Korea's Unseen Hand: Over 1,000 Troops Suffer Casualties in Ukraine
Discovery of 50,000-Year-Old Baby Mammoth in Siberia Fascinates Scientists
Magdeburg Attack Fuels AfD's Political Momentum Amid Rising Tensions
In Magdeburg, Germany, a man is arrested by the police for declaring, "I am a Christian."
UK News Roundup: London Shooting, Travel Disruptions, and Legal Battles
UK Economy Teeters on Recession's Edge Amid Revised Growth Figures
Australian Man Captured in Ukraine Conflict; Government Seeks Answers
Zelenskyy’s Push for NATO: A High-Stakes Gamble for Eastern European Stability
Slovak Pragmatism or EU Discord: Prime Minister Fico’s Polarizing Moscow Engagement
The Ripple Effects of a Russian Victory in Ukraine: A Global Tectonic Shift
U.S. Government Shutdown Averted by Last-Minute Agreement
Tragedy in Magdeburg: Saudi Doctor's Alleged Terror Attack at German Christmas Market Ignites Global Security Debate
Tragedy Strikes at Magdeburg Christmas Market: Terror Attack Leaves Five Dead
Texas Congresswoman Kay Granger Discovered in Nursing Home Following Six Months of Inaction
Prince William to End Feudal Land Restrictions in Duchy of Cornwall, but Controversies Remain
British police appear unprepared to deal with usual suspects
Russia's Ballistic Blitz on Kyiv Sends Shockwaves Through Global Stability
Multiple Tragedies and Tensions Mark Global Events: A Closer Look
Elon Musk's AfD Endorsement Ignites Controversy from neo-Nazis who accuse the AfD of being what they themselves are
Ukraine Claims Unprecedented Russian Losses: The Truth Behind Wartime Statistics
Federal Reserve Chair Powell: "We are prohibited from owning Bitcoin and are not seeking any changes to that law."
A Democratic congresswoman with blue and black hair is having a meltdown over "President Musk."
A sizable group of unauthorized migrants is traveling through Mexico with the aim of reaching the USA before Trump assumes office.
Beatles Reunion Electrifies London: Paul McCartney and Ringo Starr Ignite O2 Arena with Surprise Performance
Starmer's Envoy Engages Trump Team as UK Seeks Strategic U.S. Partnership
Britain's Retail Rebound Falters as Black Friday Splurge Dissipates
Bank of Japan's Bold Reckoning: A Decade of Unconventional Policy Under Scrutiny
Republican Discord Threatens Government Shutdown Amid Holiday Season
French Retiree Dominique Pellico Convicted for Recruiting 72 Men to Assault Wife Over a Decade
Putin Defends War Strategy as Global Tensions Rise
Putin Claims Progress as Tensions Rise: Conflict in Ukraine Intensifies
Putin's Paradox: Claiming Strength Amidst Sanctions and Isolation
Water as a Weapon: The Contentious Struggle for Survival in Gaza
Syria's Future: A Fight for Democracy or Another Cycle of Oppression?
UK Considers Sending Troops to Ukraine: A Strategic Move or Intensifying The Proxy War?
Renewed ISIS Threat Puts Syria’s Cultural Heritage in Peril
Escalation in Moscow: High-Profile Assassination and International Tensions Intensify
North Korean Troops in Ukraine: A New Cold War Frontier?
Ukraine's Bold Move: High-Stakes Assassination of Russian General in Moscow
Dubai's Technological Leap: Brain Chips and AI Board Members by 2025
×