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UK Finance Report Exposes Shocking £1.17 Billion in Fraud Costs for 2023

Description: In a sobering revelation, the newly released 2024 fraud report by UK Finance exposes the staggering extent of financial fraud in the UK, with criminals managing to steal a whopping £1.17 billion in 2023 alone. While this marks a slight decrease of 4% from the previous year, the report also highlights the success of advanced security systems used by banks in preventing an additional £1.25 billion in unauthorized fraud attempts. The report further reveals that a majority of the cases of Authorized Push Payment (APP) fraud, amounting to 76%, originated from online platforms, while 16% were traced back to telecommunications networks. These findings serve as a stark reminder of the ever-evolving tactics employed by fraudsters and the urgent need for robust measures to combat financial crime in the UK.