A sharp warning rings out across UK banks as recent data exposes a worrying trend: though fewer people fell victim to authorised push payment (APP) scams last year, the amounts lost remain staggering, reaching nearly half a billion pounds. The mix of fewer victims but heftier sums taken is ringing alarm bells among fraud experts and regulators alike.
UK Finance, the banking industry’s watchdog group, reported a 20% drop in the number of APP scam cases in 2024—falling from over 232,000 in 2023 to just under 186,000. That sounds like progress, right? But dig a little deeper and the picture is a lot less comforting. The total cash stolen via these scams only dipped by 2%, landing around £450 million. This means scammers are no longer scattering their nets wide and shallow—they’re going for the big fish, convincing fewer but wealthier victims to hand over larger chunks of their money.
The Rise of Remote Purchase Fraud and International APP Scams
APP frauds are a sneaky breed. They mostly happen when someone is tricked into authorizing a payment to a fraudster, often believing they’re paying a legitimate business or acquaintance. One of the fastest growing types is remote purchase fraud, where scammers coax people into handing over security details, such as passcodes, over the phone or online. Once armed with these, they can clear out bank accounts faster than you can say “stop!”
Adding fuel to the fire, UK Finance flagged a sharp uptick in APP scams involving international payments. Criminals are increasingly convincing victims to send money overseas, making it tougher for authorities to track or recover stolen funds. The fraudsters’ targets aren’t random either—they’re going after folks with access to bigger sums, whether it’s personal savings or business accounts.
There’s a worrying sense that scammers have refined their playbook. They’re becoming more convincing, more patient, and, frankly, more ruthless. They’re not just after pennies; they want your whole paycheck and then some.
Why Are Losses Still So High Despite Fewer Cases?
You might wonder: how come the losses barely budged when the number of scams dropped? Well, it boils down to the sums involved per incident.
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In 2023, the average loss per scam hovered around £1,900.
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By 2024, that average shot up noticeably as scammers zeroed in on victims with larger accounts or businesses with fat payment flows.
This means each scam is more devastating on a personal level. Imagine losing your life savings or a chunk of your business capital to a scam that felt “normal” at first but turned out to be a trap.
Experts also warn this trend is not just about the victims being more “valuable.” The methods scammers use—exploiting social engineering tactics, creating fake websites, or impersonating trusted brands—have become increasingly sophisticated. The criminals prey on the trust people place in their banks and online services.
Calls for Banks to Do More
With losses this high, calls for banks to step up their game are growing louder. UK Finance and consumer groups argue that current protections aren’t cutting it.
Banks have made strides with warning messages and better fraud detection systems, but fraudsters always seem one step ahead. What’s missing?
Some industry insiders want tougher rules around international payments—more checks, slower transfer speeds, or even a mandatory pause for larger overseas transactions. The goal? Give customers and banks time to spot suspicious activity before money disappears.
Others push for better education for customers, reminding people not to hand out their security codes or share sensitive details over the phone or online.
The UK government is also mulling tighter regulations and possibly increasing the powers of the Financial Conduct Authority (FCA) to hold banks accountable if they fail to protect customers.
The Human Cost Behind the Numbers
It’s easy to get lost in the statistics—186,000 scams, £450 million lost—but behind those numbers are real people, facing heartache and stress. Victims often describe feelings of betrayal, shame, and helplessness.
One small business owner told me recently: “It wasn’t just the money. It was the trust I had in the bank and in people. To lose both? That hits hard.”
Unfortunately, many people don’t report scams right away, fearing embarrassment or hoping the bank will fix it quietly. Delays in reporting only make it easier for criminals to disappear with the cash.
What Can Customers Do?
While banks and regulators work on improvements, individuals can still take steps to protect themselves.
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Always double-check the identity of anyone asking for payment or banking details.
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Be suspicious of urgent demands, especially involving large sums or overseas accounts.
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Use secure methods of communication and never share passwords or passcodes.
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Report suspicious activity immediately to your bank.
Looking Ahead
The battle against APP fraud is far from over. While fewer cases might sound like progress, the fact that losses barely budged is a clear sign that scammers are evolving their tactics. Banks must respond in kind with stronger protections, smarter technology, and stricter rules—especially around international payments.
Until then, customers will need to stay alert and skeptical. Because these scams aren’t just about money—they’re about trust, and that’s something much harder to rebuild once it’s broken.
