Fraud committed when scammers open new card accounts or hijack existing ones doubled in 2022 to reach almost £52m ($65m), according to new figures from UK Finance. The UK banking body said in its Annual Fraud Report 2023 that overall, on- and offline fraud losses fell 8% year-on-year (YoY) to £1.2bn ($1.5bn), with the finance industry saving as much again in unauthorized fraud.

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