More than £355m lost to bank transfer scams in the first half of 2021

Read more: https://www.which.co.uk/news/2021/09/more-than-355m-lost-to-bank-transfer-scams-in-the-first-half-of-2021/ - Which?

Losses to bank transfer fraud increased by 71% during the first half of 2021, exceeding the amount of money stolen through card fraud for the first time, according to latest figures from UK Finance. Not only is more money being lost, but less is being repaid to fraud victims. Of the £355.3m lost to bank transfer scams in the first half of the year, just £121.7m was reimbursed to victims – just 42.4% of the losses. That’s down on the 45.8% reimbursed in the second half of 2020.

Read more: https://www.which.co.uk/news/2021/09/more-than-355m-lost-to-bank-transfer-scams-in-the-first-half-of-2021/ - Which?

Bank transfer fraud is also known as authorised push payment (APP) fraud. It usually involves scammers lying about who they are in a bid to trick victims into transferring money to them.

Read more: https://www.which.co.uk/news/2021/09/more-than-355m-lost-to-bank-transfer-scams-in-the-first-half-of-2021/ - Which?

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