Data reveals 84,000 people fell victim to bank payment scams in 2018

22 Mar 2019

Trade association UK Finance has revealed that more than 84,000 bank customers fell victim to so-called bank payment scams in 2018.

According to data published by UK Finance, in the first half of 2018, £93 million was transferred out of personal accounts to fraudsters, with the customer's permission. In the second half of 2018, £135 million was transferred from bank accounts to criminals.

The data also revealed that criminals are shifting their attention from trying to penetrate the banking system to defrauding members of the public directly.

According to UK Finance, criminals are carrying out a range of fraudulent activities. Some fraudsters sell counterfeit or non-existent goods online, whilst others execute sophisticated scams in which they pretend to be a trader known to the customer, and demand payments.

Katy Worobec, Managing Director of Economic Crime at UK Finance, said: 'We are seeing a shift away from some of the methods that fraudsters are using to try and attack banks' security systems to focusing on the person and duping them into making the payment themselves.'

In 2018, banks reimbursed £83 million of the losses suffered by bank customers. However, the final bill for businesses and individuals totalled £354 million. Banks have agreed to follow a new voluntary code from May 2019, which will facilitate reimbursement if a victim has met 'expected standards of behaviour'.

Register for our newsletter

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Register

Weston-super-Mare

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

01934 415022

Cheddar

Bath Street
Cheddar
Somerset
BS27 3AA

01934 743274


Home | Contact us | Accessibility | Disclaimer & Privacy Policy | Help | Site map |

© 2020 Four Fifty Partnership. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be found at auditregister.org.uk under the reference C001092613.

"four fifty partnership" is a trading name of Four Fifty Partnership Limited. Registered in England. Company Number 5032008. Registered Office 34 Boulevard, Weston super Mare, Somerset BS23 1NF.

Directors: Richard Acreman BSc CTA, Joy Boswell FCCA FCA, Peter Ison BA FCA and Nick Gravell FCCA FCA.

Professional Indemnity Insurers: Nexus Underwriting Limited 52-56 Leadenhall Street, London EC3A 2EB (Policy Number: BC6210PIA194). The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.