Financial fraud losses in the UK last year topped £20m a day – report


March 30 2017

Financial fraud losses in the UK totalled £768.8m in 2016, up 2 per cent on 2015, according to Financial Fraud Action UK.  The figures, released on Thursday, cover losses from scams involving payment cards, remote (internet and telephone) banking and cheques. They also show that £1.38bn – equivalent to £6.40 in every £10 – of fraud last year was prevented.

Impersonation and deception scams, as well as hacking and malware, remained the main vectors in financial fraud last year. Payment card fraud caused by far the majority of losses at £618m, an increase of 9 per cent from £567.5m in 2015. Much of this (£432.3m) was down to fraudulent e-commerce purchases.  Card fraud as a proportion of spending equates to 8.3p for every £100 spent, according to FFA UK.