Over £1bn stolen by fraudsters in 2024

More than £1.17bn was stolen by fraudsters in the UK last year, new figures have revealed.

According to UK Finance, the total is roughly the same as in 2023.

However, it warns that criminals are still finding new ways to defraud members of the public, especially online and over the phone.

What tactics are fraudsters using?

Criminals are using many different tactics to defraud victims.

For example, last year saw an increase in fraud involving international money transfers. 

Last year, international payments accounted for 11% of authorised push payment (APP) fraud - when a person is tricked into sending money to a scammer.

That’s up from 6% in 2023.

Purchase scams, where people pay for goods or services that never arrive, were the most common type of APP fraud.

These scams caused losses of £87.1m, a 1% increase, though there were 16% fewer cases overall.

Meanwhile, the number of confirmed cases of unauthorised fraud - where money is taken without the victim’s knowledge - rose by 14% to 3.13m.

Losses from this type of fraud increased by 2% to £722m.

This was fuelled partly by a 22% increase in the number of remote purchase fraud cases, where criminals use stolen card details to buy items online, by phone or by mail order.

Nearly 2.6m cases were reported, with losses reaching just under £400 million - an 11% increase on the previous year.

Banks ‘working tirelessly’ to protect customers

Last year, banks prevented £1.45bn of unauthorised fraud, thanks to advanced security systems.

Ben Donaldson, managing director of economic crime at UK Finance, praised the sector for working “tirelessly” to protect customers and stop money being stolen.

However, he warned that criminals are “always looking for new ways to exploit victims”.

“To deal with this threat, we need a more proactive approach, with the public and private sectors working more closely together and using data and intelligence more effectively,” he commented.

Mr Donaldson added that the technology and telecommunication sectors also need to “step up and actually fight the fraud originating on their platforms and networks”.

Staying safe online

With so many scams around, it’s really important that you recognise the red flags and warnings signs.

Our handy guide on how to spot a scam is full of helpful tips and recommendations, along with our guide on outsmarting online scammers.

A good rule of thumb when it comes to staying safe is to trust your instincts.

So if something seems too good to be true, it probably is. 

Always step back and think before clicking on a link or sharing any information.

By staying aware and cautious, you can protect yourself from scams.