More than £570 million stolen by criminals in first half of 2024

Criminals stole more than £570 million through authorised and unauthorised fraud in the first half of this year, according to data published by UK Finance.

28 Oct 2024

Criminals stole more than £570 million through authorised and unauthorised fraud in the first half of this year, according to data published by UK Finance.

72% of authorised push payment fraud began online and 16% started via telecommunications.

The data also showed that banks prevented £710,9 million of unauthorised fraud using advanced security systems.

Commenting on the figures, Ben Donaldson, Managing Director of Economic Crime at UK Finance, said: 'Fraud continues to pose a major threat in this country with over £570 million stolen through payment fraud in the first half of the year. In addition to the financial impact, this crime can cause severe psychological harm to victims.

'This isn't a fight we will win alone as our data again shows that most fraud originates online and via telecommunications networks. There have been some improvements made by other sectors, but their actions don't yet fully match the scale of the problem – more needs to be done to prevent fraudsters exploiting these platforms and networks.'

Free Consultation

Get in touch with us today for a fresh perspective and a free consultation.

Connected Accounting logo

Providing simple to understand accounting services for private and business clients with a hands-on approach. Building strong long-lasting relationships that you can trust.

Connected Accounting Limited | Registered Number: 09617704 | Registered Office: St Albans office

St Albans

Contact Details

St Albans Office:
Connected Accounting, 2 Victoria Square, Victoria Street, St Albans AL1 3TF .

Call us: 01727 537 160

2021 WFA Winners

Reviews and Ratings for Accountant Samuel Troy, Tonbridge
Home | Our Pricing | Resources | Contact us | Accessibility | Disclaimer | Privacy | Help | Site map | © 2025 Connected Accounting. All rights reserved. We use cookies on this website, you can find more information about cookies here.