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Our 2022 Half Year Fraud Update, sponsored by LexisNexis Risk Solutions, shows that after the rises in fraud to record highs during the pandemic, fraud levels fell in the first half of this year (2022) as consumers return to normal routines.
Nonetheless, criminals continue to look for new ways to exploit potential victims as fraud continues to evolve.
In the first half of this year, criminals stole a total of £609.8 million through authorised and unauthorised fraud and scams, a decrease of just under 13 per cent compared to H1 2021. The advanced security systems used by banks also prevented just under £584 million from being stolen.
During the first half of 2022 criminals have continued to focus activity mainly on socially engineering their victims, usually with the intention of tricking them into authorising a payment to an account within their control (known as Authorised Push Payment (APP) Fraud).
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