Younger age groups are often the main target for fraud, banking industry group says.
In total, £1.3bn, the most on record, was stolen through fraud in 2021, an 8% increase from the year before.But so-called authorised push payment fraud - when victims think they are paying a genuine organisation - rose by 39% to £583m.
Investment scams, where a criminal convinces their victim to move their money to a fictitious fund or to pay for a fake investment, accounted for the largest proportion of losses of this type of crime in 2021, with losses increasing by 60% to £166.2m. Payment service providers were only able to return £12.6m - 41% - of the losses from romance scams, mainly because payments were made over an extended period of time and criminals had moved money by the time the crime was reported.
It's working, with a fall in the number of unauthorised transactions, and record amounts of theft prevented. You should still get in touch with your bank immediately, they may be able to chase the payment, possibly return it, and some will make good-will money back gestures, but they are not obliged to.
"These are things we have long called for and will support efforts to work together and stop the fraud happening in the first place," she added.
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