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Executive Brief
Banks invest heavily to protect their customers, but protection is difficult when a customer becomes the victim of a scam and unknowingly sends money to a criminal directly from their account. Losses from Authorised Push Payment (APP) schemes cost victims over £455 million in the UK in 2019, a 29% increase over 2018. While fraudsters showed a propensity to perpetrate these schemes against personal accounts (£317.1 million), business accounts (£138.7 million) were also significantly impacted. Across Europe, similar patterns were found, with more than €24 billion in financial losses from scams over the past two-year period.