Nearly 80% of Authorised Push Payment (APP) now starts online
UK Finance, the trade association for the UK banking and finance industry, has released its half-year fraud report for 2023, which shows that criminals stole over £580 million in the first six months of the year. This represents a two percent decrease compared to the same period in 2022, but is still a significant amount of money.
The report also shows that nearly 80 percent of authorised push payment (APP) fraud cases started online. APP fraud occurs when a customer is tricked into authorising a payment to a fraudulent account. Criminals often use phishing emails or social media scams to target their victims.
Despite the decrease in overall fraud losses, UK Finance is warning businesses and consumers to remain vigilant. The report highlights a number of emerging fraud trends, including:
- The increasing use of fake payment websites and apps
- The targeting of businesses with invoice scams
- The exploitation of online platforms, such as social media and search engines, to spread scams
UK Finance is urging businesses and consumers to take the following steps to protect themselves from fraud:
- Be suspicious of unsolicited emails and phone calls, especially if they ask for personal or financial information.
- Never click on links in emails or text messages from unknown senders.
- Only visit websites that you know and trust.
- Keep your software up to date, including your operating system and security software.
- Report any suspicious activity to your bank or financial services provider immediately.
The report also highlights the work that the banking and finance industry is doing to tackle fraud. UK Finance members have invested billions of pounds in fraud prevention and detection measures. They have also worked with the government and law enforcement agencies to develop new ways to combat fraudsters.
UK Finance is urging the government to do more to help tackle fraud, including:
- Introducing a fraud refund guarantee for APP fraud victims.
- Increasing the resources available to law enforcement agencies to investigate and prosecute fraudsters.
- Educating consumers about the different types of fraud and how to protect themselves.
UK Finance is committed to working with the government, law enforcement agencies, and businesses to tackle fraud and protect consumers. By working together, we can make it harder for criminals to succeed.
About Safe Capital
Safe Capital makes it simple for law firms to request, receive or return client money swiftly, safely and securely.
Share & Receive Bank Details Securely- Obtain verified bank account details for each client at the outset of the matter
- Share your client account bank details securely with your clients only when needed
- Return client money promptly at the end of a matter using the bank details on file
- Complete register of your residual balances, with detailed history of the steps taken to return funds to your clients
- Variety of workflows for contacting clients, depending on the size of the balance and contact information available
- Auto generation of forms and letters, including SRA withdrawal authorisation requests and charity indemnities
- Swift and secure client payments with one consistent payment workflow for your clients
- Clients can pay by open banking, credit/debit card or manual bank transfer
- Keep client account details away from money launderers and protect clients from payment fraud
