New fraud warning as some lose £15,098 View Image

Financial losses from people being tricked into transferring money to a fraudster increased by 12% annually in the first half of this year, with investment scams playing a key role in the rise, according to a banking industry body. But the number of authorised push payment fraud (APP) cases overall recorded by UK Finance decreased – and there was also an increase in the amount of money being returned to victims.

The average loss per APP case in the first half of this year was £2,325 – but the average loss per case varies significantly across different types of scam. For example, the average loss for a purchase scam was £661 – while for investment scams the average loss was £15,098. UK Finance said APP fraud losses were £257.5 millio

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