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UK Finance 2018 Fraud Statistics

Finance

YesterdayUKFinance, theUK’s industry trade body, published its annual report into theUK’s payment industry fraud,Fraud the Facts 2019.

The report reveals thatin2018:

  • Criminals stole 1.2 billion through fraud and scams:
  • Unauthorisedfinancialfraud losses across payment cards, remote banking and cheques totalled 844.8 million, an increase of 16% compared to 2017
  • Authorised push payment scams resulted in gross losses of 354.3 million.
  • Banks and card companies prevented 1.66 billion in unauthorised fraud, equivalent to 2 in every 3 of attempted fraud being stopped
  • Remote banking fraud losses, made up of internet banking, telephone banking and mobile banking, was down by 2%
  • But mobile banking fraud specifically increased 20% from 2017
  • The theft of personal data through data breaches and social engineering attacks was a major contributor to fraud losses
  • Cases of card ID theft, made up of card application fraud and card account takeover fraud, increased by 119%

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