Three in ten ( 30 %) UK adults have been a victim of financial fraud , and more than half ( 55 %) have seen an increase in the number of scam attempts in the last 12 months .

Data from the National Crime Agency shows that fraud is now the most common crime in the UK , accounting for 40 % of all offences recorded in England and Wales . Almost £ 1.2 billion was lost to fraud in the UK last year , with Authorised

Push Payment ( APP ) fraud a significant contributor to this – UK Finance ’ s 2024

Fraud report shows a 12 % jump in the number of APP cases in 2023 , with total losses amounting to £ 459.7 million .

The study reveals evidence of social stigma around financial fraud . Despite the scale of the issue , victims aren ’ t speaking openly about it – only a fifth ( 20 %) of people who have been a victim of a scam say they go on to speak to their friends and family about how they can protect themselves in similar situations , and one in seven ( 13 %) decided not to report the scam because they felt embarrassed or ashamed .

Banks are conscious of the role they must play in recovering customer funds after scams , and the impact it has both financially and emotionally for scam victims . Two-thirds ( 68 %) of people who have been scammed say they are happy with the level of support provided by their bank .

As scams become more complex , almost six in ten people ( 57 %) appreciate banks providing additional information on safeguarding against financial fraud and scams – this type of information can be supported by the banks ’ use of cuttingedge technology to provide additional intelligence and more sophisticated scores .

In addition to boosting consumer awareness of what scams look like , banks are also embracing technology that can help to fight www . intelligentfin . tech

67