£208M Lost Through Bank Transfer Fraud In 1st Half Of 2019

Law360, London (September 26, 2019, 3:31 PM BST) -- Bank customers lost a total of £208 million ($257 million) in the first six months of 2019 to scams in which people were tricked into transferring money directly to fraudsters, new figures published Thursday reveal.

The latest fraud data from trade association UK Finance showed that lenders were able to return only £39.3 million to victims of authorized push payment fraud — where criminals trick individuals into sending money directly from their bank accounts — despite the introduction of a new code designed to give more protection to customers.

In the first six months of 2019 there were 57,549 reported cases...

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