UK Finance says over £1bn stolen in 2024

UK Finance has published its annual fraud report for 2024. Headlines include:

• its members reported £1.17bn stolen through authorised and unauthorised fraud, roughly the same as the previous year;
• 3.13m confirmed cases of unauthorised fraud were reported, an increase of 14% – largely driven by remote purchase fraud;
• criminals are using social engineering techniques to get victims to disclose OTPs;
• banks prevented £1.45bn of unauthorised fraud;
• 70% of push payment fraud started online;
• contactless fraud fell by 1%, first time since 2020, and remote banking losses fell by 7%;
• APP loss cases fell by 20% – but within the category there was a significant increase in amounts stolen through investment fraud; and
• there was an increase in international payments made as part of APP fraud.