Stopping Banking Fraud: Understanding Scams And The Fight Against Them In The UK The Bench Report podcast

Stopping Banking Fraud: Understanding Scams and the Fight Against Them in the UK

12d ago 8:58

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This episode explores the significant issue of banking fraud in the UK. We'll cover the two main types: unauthorised fraud, where criminals make payments without permission, and authorised push payment (APP) fraud, where victims are tricked into sending money themselves. Learn about the scale of losses – £1.2 billion stolen in 2023. We'll discuss how law enforcement and the government are working to tackle fraud, including criticisms of past efforts. Crucially, we examine the banking industry's role and recent changes like mandatory reimbursement for APP fraud victims.

Key Takeaways

Criminals stole £1.2 billion through banking fraud and scams in 2023.
Fraud accounted for over 40% of crimes against individuals in England and Wales in 2024.
Unauthorised fraud involves payments made without the account holder's permission. Payment providers almost always reimburse victims.
Authorised Push Payment (APP) fraud is where a victim is tricked into sending money.
From October 2024, payment service providers are legally required to reimburse APP fraud victims up to £85,000, subject to conditions.
The police response to fraud has been criticised, with a low percentage of reported cases leading to investigation.
The government published a Fraud Strategy in 2023 aiming to stop fraud, pursue criminals, and help victims.
Banking industry actions include the Banking Protocol scheme, sharing intelligence with police, and implementing Confirmation of Payee.

Important Definitions and Concepts

Authorised Push Payment (APP) Fraud: Occurs when a victim is tricked into sending money directly from their account to an account controlled by a criminal.
Action Fraud: The national reporting centre for fraud in England, Wales, and Northern Ireland, which collects reports before they are analysed by the National Fraud Intelligence Bureau (NFIB).

Source: Banking fraud
Research Briefing
19 May, 2025

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Contains Parliamentary information repurposed under the Open Parliament Licence v3.0.

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