UK industry leaders describe fraud as a significant issue requiring systemic solutions, with new data indicating that £1.17bn was lost to fraud in 2024, consistent with 2023. While authorised push payment (APP) fraud cases decreased by 20% to under 186,000, unauthorised fraud cases rose 14% to 3.13 million, driven by remote purchase scams. Experts urge the technology sector to enhance efforts against fraud, emphasizing the need for collaboration between public and private sectors to combat this growing problem effectively.
