October 20, 2021
Business

Over two thirds of all APP scams start online


UK Finance analysis of nearly seven thousand authorised push payment1 (APP) scam cases shows that 70 per cent of scams originated on an online platform2 — highlighting the internet’s significant role in enabling fraud.

The new analysis comes as the government published the draft Online Safety Bill this week, to include user-generated content on social media and dating apps but not all economic crime.

With the Covid-19 pandemic accelerating consumers’ shift online, fraudsters are adapting their tactics to exploit this societal change. In 20203, the banking and finance industry saw a jump in online-enabled push payment or bank transfer fraud with increases in investment (32 per cent), romance (38 per cent) and purchase scams (7 per cent).

Drilling down on findings from the new UK Finance dip sample4 shows that most investment (96 per cent), romance (96 per…

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