Financial Crime Costs total £1.2 billion in the UK in 2019

A recent report called ‘Our Fraud – the Facts 2020’ produced by UK Finance shows just how much fraud is impacting the UK; UK Finance represents more than 250 firms across financial services; the study which totaled losses in 2019 included fraud related to payment cards, remote banking, checks, and authorized push payment scams; while the report highlights the damage caused by financial crime, there is also some data to show that investments in advanced security is protecting customers, preventing £1.8 billion; the specialist police unit which is funded by the banking and finance industry called the DCPCU is also partnering with social media platforms to identify and ultimately take down accounts related to payment crime. Fintech Direct