Fraud
Industry News
Key takeaways from the report include:
➡️ In 2024, the total number of fraud cases increased by 12% to 3.31 million;
➡️ £1.17 billion was lost to fraud, mirroring the previous year's figures;
➡️ While authorised push payment (APP) fraud losses decreased by 2% to £450.7 million, unauthorised fraud losses rose by 2% to £722 million;
➡️ Remote purchase fraud, involving the use of stolen card details for online or phone transactions, surged by 22% to nearly 2.6 million cases, accounting for 78% of all unauthorised fraud incidents;
➡️ APP fraud cases dropped by 20% to under 186,000, the lowest since 2020, attributed to enhanced detection technologies and increased consumer awareness; and
➡️ The implementation of mandatory reimbursement rules by the Payment Systems Regulator in October 2024 led to £267.1 million being returned to APP fraud victims, covering approximately 59% of losses.
✅ As fraud cases continue to rise, firms should review and calibrate their fraud detection systems to enable earlier and more accurate identification of suspicious activity, as highlighted in the report.
💡 Plenitude’s Fraud Prevention Services conduct independent assessments of existing strategies, rules, technology and operational processes to improve fraud detection rates, enhance the customer experience and reduce fraud losses. Visit our website for more information: https://www.plenitudeconsulting.com/services/fraud-prevention-services
