Bank transfer scams in the UK up 40% year on year

September 27, 2019 | Cyber Security
Written by FinTech Alliance
Bank transfer scams in the UK up 40% year on year

The amount of money stolen by bank transfer scams has risen 40% since last year.

In Brief:

  • Criminals are stealing more than £1mn per day in the UK.

  • A total of £616mn was stolen from UK bank customers in the first six months of the year.

  • £207.5mn was lost through authorising payments to the accounts of criminals.

What does this mean?

As security evolves, so too does cybercrime. Authorised Push Payments (APPs) are when criminals, through hacking or other means, persuade customers to send money into their accounts. Many banks have offered to refund people who fall victim to this kind of fraud, but there is still a long way to go in educating and protecting consumers.

Read more here.

 

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