• Thursday, August 11, 2022

Business

Criminals Steal £500 Million from UK Bank Customers in First Half of 2018

A data revealed that purchase scams were the most prevalent authorised push payment (APP) scam. (Photo: PHILIPPE HUGUEN/AFP/Getty Images).

By: Radhakrishna N S

A total of £503.4 million was stolen from bank customers by criminals in the UK through authorised and unauthorised fraud in the first half of 2018, according to a new data from the trade body UK Finance. During the same period, the finance industry prevented £705.7m of unauthorised fraud, equivalent to £2 in every £3 of attempted unauthorised fraud. Newly-collected data, published for the first time, reveals that purchase scams were the most prevalent authorised push payment (APP) scam in the first half of 2018, accounting for almost two-thirds of reported APP cases with a total of £19.4 million lost. In these…

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