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Thefts involving authorized push payment (APP) schemes, in which victims directly send money to fraudsters' accounts, decreased by 2% to £450.7m. The reported incidents of this type of fraud decreased by approximately 20% to the lowest point since 2020.
UK Finance stated that the drop is attributed to technological advancements aimed at preventing criminal activities and a rise in public awareness regarding the dangers posed by criminals. Furthermore, UK banks have shown increased interest in fighting these fraudulent schemes, as since last October the authorities have required them to refund the majority of the funds taken in this manner.
At the same time, the count of effective efforts to swindle Britons' funds through bank card detail theft has jumped by 22 percent, and the harm resulting from these acts has grown by 11 percent to £400 million.
Banks stopped £1.45bn in funds from being taken, reflecting a 16% increase from the previous year.
source: ft.com
UK Finance stated that the drop is attributed to technological advancements aimed at preventing criminal activities and a rise in public awareness regarding the dangers posed by criminals. Furthermore, UK banks have shown increased interest in fighting these fraudulent schemes, as since last October the authorities have required them to refund the majority of the funds taken in this manner.
At the same time, the count of effective efforts to swindle Britons' funds through bank card detail theft has jumped by 22 percent, and the harm resulting from these acts has grown by 11 percent to £400 million.
Banks stopped £1.45bn in funds from being taken, reflecting a 16% increase from the previous year.
source: ft.com
