The 2024 report shows a 10% fraud reduction from the 14 largest bank groups; but more notable losses increase from the top-20 receiver firms – primarily the ‘non-directed firms’ or smaller payments companies.
UK Finance, as the industry association, reported in 2022 that APP-fraud accounted for 40% of total fraud reported and growing in the first half of 2023. This impacts the UK payments integrity and reputation.