Authorised push payment (APP) fraud continues to be a major headache for the UK banking industry and its customers, contributing to almost half a billion pounds in losses in the first half of 2023, according to UK Finance. The banking body’s 2023 Half Year Fraud Update noted that although the headline figure for fraud losses fell 2% year-on-year (YoY), a worrying volume of incidents are bypassing banks’ fraud filters.

Source: Infosecurity