Cybercrime has been on the rise since the pandemic. More of us have had to make online purchases, which means scammers have more opportunity to defraud us.
If you regularly make online payments, whether for goods or services, you’ll need to watch out for the latest technique fraudsters are using to get their hands on your money – push payment fraud.
Figures from UK Finance, the banking trade body, have revealed that £236 million was lost to push payment fraud, with banks unable to return nearly three-quarters (74%) of the lost money.
In the vast majority of cases (88%) it was individual consumers who were conned out of their money, with an average loss of £2,784. The remaining cases were made up of businesses, who lost an average of £24,335 each.