UK banks halt 820 million pounds of fraud in H1
Topics: BANK FRAUD UK
Banks and financial institutions managed to stop £4.5 million worth of fraudulent payments every day over the first six months of the year. Despite this, criminals still managed to get away with £616 million, with £208 million of that figure lost due to authorised push payments (APP) fraud.
Customer details are being stolen through data breaches at third parties outside the financial sector, says UK Finance, while sophisticated attacks are being used to steal card data when consumers are shopping online.
Total losses due to unauthorised fraud across payment cards, remote banking and cheques in the first half of 2019 amounted to £408 million, up 2% on the same period in 2018. ■