UK Finance: Over £1bn of fraud prevented in 2019
The banking and finance industry stopped over £1.8bn of fraud in 2019, which is up 9% on the previous year according to UK Finance.
Unauthorised fraud loses fell to £825m, which is a year-on-year decrease of 2%.
Victims have received £41m in compensation in cases assessed under the APP Voluntary Code introduced in May 2019.
Compensation rates were higher for fraud cases involving losses of £10,000 or more.
UK Finance is looking to increase awareness of criminals exploiting the Coronavirus outbreak to commit fraud by urging customers to follow the advice of the Take Five to Stop Fraud campaign.
Katy Worobec, managing director of economic crime at UK Finance, said: “The banking and finance industry is taking action on all fronts to protect its customers from fraud and crack down on the criminal gangs responsible.
“The introduction of the voluntary code last May has meant more victims of authorised push payment fraud are receiving compensation, particularly in cases involving higher value losses and more sophisticated scams.
“However, criminal gangs are continuing to exploit online platforms to target customers directly and trick them into handing over their money or information.
“This shows why fraud and other economic crime should be included within the new regulatory framework for online harms, to ensure all sectors play their part in tackling the threat posed by fraud to our society.
“Only by working in partnership with the public sector and other industries can we protect innocent victims and prevent money getting into the hands of criminals.”