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UK banks halt 820 million pounds of fraud in H1

Christian Fernsby |
The UK banking industry stopped £820 million in unauthorised fraud in the first half of 2019, an increase of 14% from 2018, according to fraud statistics released by trade association UK Finance.

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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.

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