2023 witnessed a rise in UK's Authorised Push Payment (APP) scams, with 252,626 cases and £341m losses.

2023 saw a spike in UK's Authorised Push Payment (APP) scams, with 252,626 cases reported, resulting in £341 million losses. Although the total value of lost funds decreased by 12%, 67% of funds lost to these scams were reimbursed in 2023, up from 61% in 2022. However, inconsistent reimbursement processes among banks remain a challenge. Mandatory reimbursement measures will come into force on October 7, 2024, to better protect consumers and encourage banks to innovate and improve their controls against scams.

August 01, 2024
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