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Banking crime cost over £600 million

Banking crime cost over £600 million

During the first half of 2019, banking customers lost over £600 million to crime. According to data from industry group UK Finance.

UK Finance’s figures illustrate, £408 million was stolen by criminals through unauthorised card, remote banking and cheque fraud. Additionally, £208 million was lost to authorised push payment (APP) fraud. Where customers are tricked into authorising a payment to an account controlled by a criminal.

Commenting on the figures, Katy Worobec, Managing Director of Economic Crime at UK Finance, said: ‘Not only does fraud have a devastating impact on victims, the money stolen goes on to line the pockets of organised criminal gangs involved in drugs, arms and human trafficking.

‘The finance industry is constantly investing in advanced security systems to protect customers from this threat. While helping law enforcement to apprehend and disrupt the criminals responsible.

‘A new voluntary code was introduced in May that has significantly improved consumer protections from authorised push payment fraud. With signatory firms committed to reimbursing victims providing they have met certain standards.’

The finance industry prevented £820 million of unauthorised fraud in the first half of 2019, up 14% on the previous year. This is equivalent to £2 in every £3 of attempted unauthorised fraud being stopped, or £4.5 million of fraud being prevented every day.

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