Tag: Ben Donaldson

Fraud Costs in 2023: UK Finance Report Highlights Over £1 Billion Stolen

Cybercrime Charlene Lensburg -
The latest annual 2024 fraud report from UK Finance reveals that criminals stole £1.17 billion through unauthorized and authorized fraud in 2023, a slight decrease of 4% compared to 2022. Banks utilizing advanced security systems successfully prevented an additional £1.25 billion in unauthorized fraud. According to the report, 76% of Authorized Push Payment (APP) fraud cases began online, while 16% originated from telecommunications networks.