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The Evolving Landscape of Cards and Payments Fraud in the UK
- UK Finance reported a 12% increase in fraud cases to 3.3 million in the past year, the highest on record.
- The total monetary value of reported fraud remained at £1.17 billion, indicating criminals are targeting more victims.
- Remote purchase fraud surged to its highest level with almost 2.6 million cases.
- Authorized Push Payment (APP) fraud decreased by 20% with just under 186,000 cases
- Despite fewer cases, the total amount lost to APP fraud only slightly decreased to £450 million.
- APP scams involving international payments significantly increased by nearly double in 2024.
- Fraud tactics like fake sales websites, malicious app scams, 'ghost taps,' and AI-driven identity fraud are gaining traction in the UK and Europe.
- Efforts to combat fraud include a mandatory reimbursement scheme for APP fraud victims in the UK.
- Individuals are advised to be cautious of unsolicited requests, verify payments, protect passcodes, and use strong passwords.
- Financial institutions should strengthen international payment controls, invest in advanced fraud detection, enhance customer education, and collaborate across the industry.
- Continuous vigilance, education, and collaboration are essential in the ongoing battle against cards and payments fraud.
- Understanding the evolving fraud landscape and implementing robust prevention measures are crucial for a safer financial environment.
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