Credit card frauds were more common, followed by debit card frauds.
A total of 10,868 victims reported losses due to card fraud between 2021 and 2023.
Residents of the United Kingdom lost more than £59.8 million to card fraud over the past three years, according to official data from the country’s authorities. On the positive side, losses dropped to £15.7 million in 2023, compared with £22.2 million the previous year. In 2021, the total loss was nearly £21.9 million.
Trustly primarily obtained the figures through a Freedom of Information request sent to the National Fraud Intelligence Bureau, which is run by the City of London Police.
The Menace of Card Fraud
"Our research shows that a shocking number of people are falling victim to fraud," said Anisha Sudra, Head of Fraud at Trustly. "It’s concerning that thousands of people lose millions of pounds to fraud in the UK each year. The sophistication of payment fraud is ever-growing, and shoppers must remain vigilant to potential scams."
Most victims over the three years fell prey to credit card fraud, followed by debit card fraud. According to the revealed figures, credit card fraud victims lost over £33 million between 2021 and 2023, while debit card victims lost £24.15 million.
Authorities also reported £2.6 million in losses involving multiple cards. Although the losses with store cards are the lowest, at £69,161, they remain concerning.
The Staggering Number of Card Fraud Victims
The data further revealed that the total number of credit card fraud victims over the three years was 6,284. In 2023, the number of credit card fraud victims was highest, at 2,171, compared to 1,997 in 2022 and 2,116 in 2021. On the other hand, the number of debit card victims dropped to 1,278 in 2023, from 1,377 and 1,426 in the previous two years, respectively.
Due to protections in place, such as chargeback provided by card providers, many victims may have recovered some of their losses; however, those amounts remain unknown.
"We believe technology offers a transformative approach to preventing fraud by creating a more secure and transparent payment environment," Sudra added. "The new Payment Systems Regulator (PSR) rules will provide further protection for consumers against fraud."
The new PSR rules, set to take effect on 7th October, will require banks and fintech firms to fully reimburse victims of authorised push payment (APP) fraud up to a cap of £415,000, with the cost split between the sending and receiving firms. However, the UK Treasury and the Financial Conduct Authority have raised concerns about the looming fraud refund scheme, which could present significant challenges to the financial sector.
Residents of the United Kingdom lost more than £59.8 million to card fraud over the past three years, according to official data from the country’s authorities. On the positive side, losses dropped to £15.7 million in 2023, compared with £22.2 million the previous year. In 2021, the total loss was nearly £21.9 million.
Trustly primarily obtained the figures through a Freedom of Information request sent to the National Fraud Intelligence Bureau, which is run by the City of London Police.
The Menace of Card Fraud
"Our research shows that a shocking number of people are falling victim to fraud," said Anisha Sudra, Head of Fraud at Trustly. "It’s concerning that thousands of people lose millions of pounds to fraud in the UK each year. The sophistication of payment fraud is ever-growing, and shoppers must remain vigilant to potential scams."
Most victims over the three years fell prey to credit card fraud, followed by debit card fraud. According to the revealed figures, credit card fraud victims lost over £33 million between 2021 and 2023, while debit card victims lost £24.15 million.
Authorities also reported £2.6 million in losses involving multiple cards. Although the losses with store cards are the lowest, at £69,161, they remain concerning.
The Staggering Number of Card Fraud Victims
The data further revealed that the total number of credit card fraud victims over the three years was 6,284. In 2023, the number of credit card fraud victims was highest, at 2,171, compared to 1,997 in 2022 and 2,116 in 2021. On the other hand, the number of debit card victims dropped to 1,278 in 2023, from 1,377 and 1,426 in the previous two years, respectively.
Due to protections in place, such as chargeback provided by card providers, many victims may have recovered some of their losses; however, those amounts remain unknown.
"We believe technology offers a transformative approach to preventing fraud by creating a more secure and transparent payment environment," Sudra added. "The new Payment Systems Regulator (PSR) rules will provide further protection for consumers against fraud."
The new PSR rules, set to take effect on 7th October, will require banks and fintech firms to fully reimburse victims of authorised push payment (APP) fraud up to a cap of £415,000, with the cost split between the sending and receiving firms. However, the UK Treasury and the Financial Conduct Authority have raised concerns about the looming fraud refund scheme, which could present significant challenges to the financial sector.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Revolut Secures Prepaid Card Authorization in India, Plans 2025 App Launch
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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