£28K Lost to App Fraud Every hour, which? suggests
Which?'s analysis of UK Finance figures has revealed that between July 2019 and the end of June 2021, a total of £854m was lost across 306,573 cases of authorised push payments (APP) fraud.
Meanwhile, only 42 percent of losses were returned to the customer.
As a result, £495m has not been reimbursed, and customers have been left to shoulder net losses at a rate of £4.7m a week, £676,881 a day or £28,203 an hour.
This means that victims have lost more to APP fraud every hour than the average UK employee earns in a year, the consumer organisation said.
"Despite huge sums being lost to bank transfer scams on an hourly basis, low reimbursement rates based on inconsistent and unfair decisions by banks demonstrate how the voluntary code isn't providing the safeguards promised the victims," said Rocio Concha, policy and advocacy director at which?, in a statement on the matter.
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