A new UK Finance report reveals 76% of bank transfer scams originated from online sources such as social media or auction sites, and that losses from romance and purchase scam cases are the highest ever recorded.
Online platforms are not currently under any formal obligation to reimburse fraud victims, but the new Online Safety Act means they must remove harmful content, including scams.
We take a look at the latest stats and explain why it’s so important for preventing fraud to be a national priority.
Fraud in numbers
Source: Which? (22 May 2024)