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Authorized Push Payment fraud losses decline by 5 percent, UK Finance report says

( May 21, 2024, 23:01 GMT | Official Statement) -- MLex Summary: Total losses in the UK attributed to Authorized Push Payment fraud stood at 459.7 million pounds (around $580 million) in 2023, down 5 percent on the previous year, UK Finance has said in its annual fraud report. The number of cases where criminals impersonate a bank or the police and trick someone into transferring money to a “safe account” fell by 37 per cent. However, perpetrators of romance scams and purchase scams accounted for the highest such annual losses so far. Criminals stole a total 1.17 billion pounds through both authorized and unauthorized fraud in 2023, a 4 per cent decrease on 2022. A total of 62 percent of all APP losses were returned to victims in 2023, up from 59 per cent the previous year.Report and press release attached. ...

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