Some commentary from Alastair Douglas, TotallyMoney CEO for you;
“New data shows that more than £1bn was fraudulently stolen last year, and another £1.45bn of fraud was successfully prevented by the banks, with the total cases of fraud up 14% since 2023.
“Remote purchase fraud — when criminals use stolen card details for online purchases — increased by 22%. Criminals are becoming more convincing, and using AI manipulate victims into making mistakes where they might share one time passwords (OTPs) and other details.
“Authorised Push Payment Fraud (APP) — when somebody is tricked into sending money to a fraudster posing as a genuine payee — fell to its lowest level since 2020. The most valuable type of APP fraud was for fake investments such as crypto, property, gold, and other financial products or assets, while the most common was for purchase scams, where victims pay for things they never receive.
“With fraud accounting for more than 40% of all crime in the UK, more must be done to protect the public and their interests. 86% of APP fraud cases start through the internet and phones, meaning we need to see greater collaboration between tech firms, telcos, the police, regulators and government. Fraud doesn’t just impact people’s finances, but also their psychological wellbeing — with 69% of victims reporting a negative impact on their mental health.”
On how to prevent fraud, Alastair Douglas comments:
“Criminals will often impersonate your friends, family banks or real businesses, so it’s important to take a moment to think and check before sharing any personal details, or sending money to somebody. This means being extra alert when clicking links, downloading software, or visiting websites that might be fraudulent.
“If it’s already too late, and you think you might have been scammed, then contact your bank as soon as possible. The regulator has introduced reimbursement protections, meaning that if you haven’t been complicit in the fraud or grossly negligent, you could get your money back, and usually within 5 days of making a claim.”
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