UK consumers lost more than £1bn to fraud in 2024, new report reveals

Fraud losses totalled £1.2bn in 2024, according to new research by UK Finance, with a rise in cases of remote purchase scams a large part of the problem.

Remote purchase fraud is when criminals illegally obtain credit card details in order to make purchases online.

Last year, there were 3.1m confirmed cases of unauthorised fraud, (up 14% compared to 2023), with losses 2% higher, totalling £722m, the banking trade body’s data shows. Cases of remote purchase fraud increased by 22% to nearly 2.6m, and losses increased 11% to just under £400m.

While this type of fraud was on the rise, banks prevented £1.5bn of unauthorised fraud through advanced security systems, according to UK Finance.

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Authorised push payment (APP) fraud losses dropped in 2024, falling 2% to £450.7m, the report said. The total comprised £365.7m of personal losses and £84.9m on non-personal losses.

Purchase scams, when a victim pays in advance for goods or services that are never received, continues to be the most common type of APP fraud. Losses to purchase scams increased by 1% to £87.1m, though case numbers fell 16%.

There was a notable increase in international payments that were made as part of APP fraud, with criminals probably trying to get people to send money outside the UK. International payments accounted for 11% of APP losses in 2024, up from 6% in 2023.

“Fraudsters are constantly evolving their tactics, so it is disheartening but unsurprising to see a rise in the number of cases in which scammers trick their victims into sending money abroad,” said Rocio Concha, Which? director of policy and advocacy.

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“These payments are not covered by new mandatory reimbursement rules, meaning victims of this type of fraud are unlikely to get their money back. Banks and payment firms should enhance their anti-fraud controls for international payments, and the independent review of the mandatory reimbursement scheme in October should take note of these emerging trends.”

Ben Donaldson, managing director of economic crime at UK Finance, said a more proactive approach involving both public and private sectors was required to tackle the threat.

“We also need the technology and telecommunication sectors to step up and actually fight the fraud originating on their platforms and networks,” he added.

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