| Fraud losses surge as scams evolve |
| UK Finance has reported a 12% increase in financial losses from authorised push payment (APP) fraud for the first half of this year, totalling £257.5m. The average loss per APP case was £2,325, with investment scams averaging £15,098. Despite an 8% decrease in APP cases to 110,747, the number of payments increased by 4%. £159.2m was returned to victims, representing 62% of losses. Ben Donaldson, managing director of economic crime at UK Finance, said fraudsters are using AI "to enhance tried and tested tactics more quickly, at a greater scale, in different languages and to a greater effect." Investment scams accounted for £97.7m of the losses, a 55% rise from last year. |
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