Financial scams ‘now a threat to UK’s security’


UK Finance said purchase scams – where people are tricked into transferring money to a fraudster – made up more than 50 percent of cons in the first half of this year.

There were 95,219 authorised push payment (APP) scams, with gross losses of £249.1million.

UK Finance said £90.5million of APP scams was due to criminals impersonating people such as bank staff or police.

And £61.2million was lost to investment rip-offs. Romance cons accounted for £16.6million of APP fraud losses.

Katy Worobec, of UK Finance, said: “The level of fraud in the UK is such that it must be considered a national security threat.”

“This is why it is key that other sectors work with us.”

“Fraud remains a persistent threat to businesses, consumers and the growth of the economy, not to mention the reputation of the UK as a place to do business.”

Rocio Concha, of consumer champion Which?, said: “The UK is in the grip of a scams epidemic.”


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