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Authorised push cost (APP) scams value UK customers £341 million final yr, with social media platforms utilized by fraudsters to hold out greater than half of the quantity of incidents, in keeping with figures from a regulator.
APP scams occur when somebody is tricked into transferring cash to a fraudster.
The Fee Programs Regulator (PSR) mentioned that in 2023, social media, messaging and name platforms had been focused by criminals to hold out 56% of APP scams (124,057 incidents), accounting for round one fifth of the worth misplaced (£67,429,184).
Public sale – or buy – and itemizing platforms had been focused by fraudsters to hold out incidents accounting for six% of the overall loss worth.
Telecommunications platforms had been used to hold out a big quantity of APP scams by way of fraudulent calls and textual content messages, with fraudsters utilizing these strategies accounting for 31% of the worth misplaced, at £107.2 million.
Stopping scams earlier than they occur is one of the simplest ways to guard customers and scale back hurt
Kate Fitzgerald, PSR
Electronic mail suppliers had been additionally focused by fraudsters to hold out 10% of losses by worth, at £35 million, though these solely accounted for two% of the quantity of incidents.
In October 2024, the PSR launched obligatory fraud reimbursement guidelines for banks.
Beforehand, many banks had signed as much as a voluntary reimbursement code.
Kate Fitzgerald, the PSR’s head of coverage, mentioned: “Our report highlights how main platforms are being exploited by fraudsters to deceive victims, usually with devastating results…
“Stopping scams earlier than they occur is one of the simplest ways to guard customers and scale back hurt.”
The evaluation indicated that buy scams are the most typical kind of APP scams within the UK, making up 68% of circumstances in 2023 (152,192 incidents).
Impersonation scams made up 14% (31,321 incidents) and advance price scams, the third commonest, made up 9%, with 19,341 incidents.
The PSR has been utilizing its powers to collect information from main banking teams.
Ben Donaldson, managing director of financial crime at UK Finance, mentioned: “This new report from the Fee Programs Regulator reiterates what we have now lengthy been saying – that criminals are exploiting on-line platforms and telecommunications to commit fraud.”
He added: “It is just by stopping fraud within the first place that we’ll defend customers and society from the hurt this crime causes.”
Rocio Concha, Which? director of coverage and advocacy, mentioned: “Fraud continues to trigger its victims distress and, as this analysis reveals, scammers are efficiently exploiting social media platforms and telecoms firms to focus on customers.”
#APP #scams #yr #carried #fraudsters #social #media
The Unbiased
#APP #scams #yr #carried #fraudsters #social #media
Vicky Shaw , 2024-12-17 00:01:00
