UK Finance reported that victims lost a total of £1.2bn to scammers last year.


UK Finance is the collective voice for the banking and finance industry, representing more than 300 firms across the finance industry.

Their latest data shows the shocking extent of losses to unauthorised and authorised fraud.


Unauthorised fraud occurs when a scammer carries out transactions without your consent or authorisation – for example, if your bank card is stolen. Authorised fraud, or APP fraud, occurs when you’re tricked into sending money to a criminal’s account.

The split between the two is as follows:

Unauthorised Fraud                       £727 million

Authorised Fraud                            £485 million

Consumers are usually reimbursed for unauthorised fraud provided they haven’t been negligent with their security information. With authorised fraud reimbursement depends on the circumstances, but last year only 59% (£286 million) was returned.

The chart below (from UK Finance) shows the different types of authorised fraud, including the number of cases reported in 2022 and the total amount lost.

There are two columns for Impersonation scams; the first, larger figure is by bank and police impersonation, the second by other sources (such as solicitor, NHS etc.).

Find out more about scams and how to avoid them by attending our seminar on the 28th June.