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Fraud continues to pose a major threat to the UK and cause serious harm to individuals and society.
In the first half of 2024 just over £570 million was stolen in payment fraud as criminals continue to ruthlessly target people and try to deceive them into making payments or providing enough information to enable their accounts to be accessed or controlled.
As well as the financial losses, this crime can cause severe psychological harm to victims. The best way to protect against fraud is to prevent it from happening in the first place. This is the focus of the financial services industry which invests huge sums of money, including deploying a wide variety of sophisticated tools, to try and detect potential fraud and intervene before it happens. In the first half of this year over £710 million of unauthorised fraud was prevented, an increase of 13 per cent.
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