Authorised push payment fraud information

For those writing on authorised push payment (APP) fraud this week and next with the new rules from the Payment Systems Regulator (PSR) coming into force on 7 October, please find some data and information below which may assist in your reporting.

We are happy to answer queries on this issue and can provide quotes from our economic crime spokespeople. Please do let us know if we can assist in any way. 

Annual Fraud Report  

Each year we publish an annual fraud report. Our most recent one for the calendar year 2023 is available here. Some of the key stats from the report are that in 2023: 

  • APP fraud losses were £459.7million 
  • There were 232,429 APP cases.  
  • £287.3 million of APP losses was returned to victims, or 62 per cent of the total loss.   
  • 76 per cent of APP fraud cases originated from online sources. These cases tend to be lower-value scams, such as purchase scams, and accounted for 30 per cent of total losses. 
  • 16 per cent of cases originated in telecommunications and these tend to include higher value cases, such as impersonation fraud, and accounted for 43 per cent of total losses. 

Take Five to Stop Fraud  

Our Take Five to Stop Fraud campaign has produced a lot of material on the new reimbursement rules including a new consumer guide

The campaign also has important advice on how people can help protect themselves from fraud. Before making a payment, follow the advice from Take Five to Stop Fraud:

  • Take a moment to stop and think before parting with your money or personal information. It could keep you safe.
  • Ask yourself, could it be fake? It’s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you. 
  • Do your research and be suspicious of any too-good-to-be-true offers or prices. 
  • Remember, your bank or the police will never ask you to transfer money to a safe account. 
  • If you’re unsure or are suspicious then talk to a trusted friend or family member before making your payment. 

Notes to editor

UK Finance Press Office
020 7416 6750
press@ukfinance.org.uk

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