UK push payment scams worth £341m reported in 2023
- A UK regulator on Thursday reported more than 252,000 cases of authorised push payment scams worth about £341m last year where people lost money from their accounts to fraudsters posing as genuine payees.
- The Payment Systems Regulator said the volume of such bank transfer scams increased by 12% to 252,626 from 2022, but the total value fell by 12% to £340.65 million in 2023
The report, which tracks the performance of payment firms in tackling such scams and reimbursing victims, said 67% of money lost to such bank transfer scams was reimbursed in 2023.
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While that was an improvement from 61% in 2022, “there is still an inconsistent approach by firms when it comes to reimbursing victims,” the report said.
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“Currently, only the sending firm makes any reimbursement, ignoring the vital role receiving firms play in preventing scammers from accessing the UK’s payments systems,” it added.
Source: Reuters
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