💨 Abstract

In 2023, fraudsters made £1.17 billion from UK banks, with 3.13 million cases, up 14% from the previous year, reports UK Finance. Remote purchase frauds, involving stolen card details, surged by 22%, while authorized push payment scams decreased by a fifth but moved overseas, shifting vulnerability. Companies like Whitbread, Adidas, and the housing market also faced challenges.

Courtesy: Ashley Armstrong