The number of authorised push payment (APP) scams in the UK fell by 20% last year, reaching its lowest level in five years, according to industry data. However, the total amount lost to these scams increased slightly.
Key Statistics
- Total APP Scams in 2023: Just under 186,000 cases
- Total APP Scams in 2022: More than 232,000 cases
- Total Amount Lost in 2023: £452 million
- Total Amount Lost in 2022: £448 million
Insights from UK Finance
UK Finance noted that while the number of scams has decreased, victims are still losing significant amounts of money. They urged banks and payment firms to enhance their anti-fraud systems, particularly for international payments, as scammers are increasingly tricking individuals into sending money abroad.
New Regulations
New rules introduced last year require banks and payment firms to refund victims who lose money in APP scams. These scams involve individuals authorizing a transfer directly from their bank account to another account.
Experts believe that while these regulations have contributed to the reduction in the number of scams, more efforts are needed to prevent them entirely.
Expert Opinions
Dr. Mark Littlefield from cybersecurity firm Cytomic stated, "The fact that there has been no significant reduction in losses suggests that fraudsters are adapting quickly." He emphasized the need for better consumer education on recognizing and protecting against these types of scams.
Common Scamming Tactics
APP scams often involve fraudsters impersonating trusted entities, such as banks or utility companies, and requesting urgent transfers. Other tactics include:
- Phishing Emails or Texts: Claiming the recipient has won money or prizes, requiring upfront fees to claim winnings.
Online Shopping Fraud
UK Finance also reported nearly 500,000 reports of online shopping fraud during the Christmas trading period (November to December) last year, marking an increase of nearly one-third compared to the same period two years ago, when lockdowns had limited non-essential retail sales online.
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