UK consumers lost a shocking £629.3 million to fraud in just the first half of 2025, according to UK Finance’s latest fraud report. That’s a 3% increase compared to the same time in 2024. The number of fraud cases also shot up by 17%, totalling over 2.09 million confirmed scams. From online investment traps to romance scams, criminals are finding more ways to trick people—and the losses are staggering.
But it’s not all doom and gloom. Banks managed to block over £870 million in unauthorised fraud attempts, proving that tighter security and smarter tech can still make a difference. Still, UK Finance is urging the government to go further in its upcoming Fraud Strategy, holding tech and telecoms companies more accountable.
Here’s everything you need to know about the rising fraud threat, what types are growing, and where the government, banks, and you fit into the picture.
Table of Contents
Losses
The total amount stolen in the first half of 2025 was £629.3 million—a 3% jump compared to early 2024. That’s a lot of money going directly into the hands of fraudsters. What’s worse? Over 2.09 million cases were confirmed, marking a 17% surge in fraud incidents.
Here’s the good news: banks blocked £870 million of unauthorised fraud before it reached victims. That’s a 20% increase in fraud prevention from last year and means banks stopped 70p of every £1 attempted.
Unauthorised fraud is when someone takes money from your account without your approval. In these cases, you’re usually protected and refunded.
Key figures for H1 2025:
- Total unauthorised losses: £372 million (down 3% YoY)
- Total unauthorised cases: Just over 1.98 million (up 19%)
Notable trends:
- Cheque fraud losses dropped by 41%
- Remote banking fraud losses fell 24%
- Card-not-present fraud rose by 22%
Banks say criminals are still tricking people into giving up one-time passcodes, which are then used to create fake digital wallets and make payments.
Good news: victims of unauthorised fraud are refunded in over 98% of cases.
Authorised
Authorised Push Payment (APP) fraud is when someone is tricked into sending money themselves. These scams are harder to fight, as the victim approves the payment—even if they were deceived.
Here’s how APP fraud played out in H1 2025:
- Total APP losses: £257.5 million (up 12%)
- Total APP cases: 110,747 (down 8%)
Types of APP fraud:
| Type | Losses | Change |
|---|---|---|
| Investment scams | £97.7 million | +55% |
| Purchase scams | Most common (72%) | Losses up 10% |
| Romance scams | Not disclosed | +35% |
| Impersonation scams | Declined | Losses down 14% |
Investment scams are the biggest driver of APP losses, with criminals luring victims into fake funds or crypto investments.
Romance scams also continue to rise, as fraudsters exploit emotional manipulation online.
On the other hand, impersonation scams—where someone pretends to be from the bank or police—are falling thanks to better education campaigns.
Reimbursements
Of the £257.5 million lost to APP fraud, £159.2 million was returned to victims. That’s about 62% of the total amount.
In October 2024, new reimbursement rules came into effect from the Payment Systems Regulator (PSR), helping victims get their money back faster. The PSR reported that 88% of in-scope APP fraud losses were reimbursed.
Still, UK Finance’s data goes beyond what PSR covers, so not every loss is included in that 88% figure.
Sources
Where is this fraud actually coming from?
| Source | % of APP Cases | % of Losses |
|---|---|---|
| Online platforms | 66% | 30% |
| Telecommunications | 17% | Not disclosed |
Most APP fraud starts on social media or fake websites—scammers posing as brands, traders, or even romantic partners. Telecoms platforms, like scam calls or texts, are also common entry points.
Strategy
UK Finance is making it clear: banks can’t fight this alone.
Ben Donaldson, MD of Economic Crime at UK Finance, says the threat is evolving fast. Even though the banking sector has advanced fraud prevention tools, most scams begin on platforms they don’t control—like social media or mobile apps.
What’s needed?
- Greater investment in prevention, not just response
- Holding telecoms and tech companies responsible
- Cross-industry collaboration
- Real-time intelligence sharing
Jonathan Frost from BioCatch adds that stopping APP fraud will take more than better technology—it’ll take united action across sectors.
With the government preparing a new Fraud Strategy, all eyes are on what accountability measures it will bring.
FAQs
How much was stolen in H1 2025?
£629.3 million was lost to fraud in the first half of 2025.
What is APP fraud?
APP fraud is when victims are tricked into sending money themselves.
Are fraud victims refunded?
Yes, 98% of unauthorised fraud victims are fully refunded.
Where does most fraud start?
Most fraud starts on online platforms and telecom networks.
What is UK Finance asking for?
They want tech and telecom companies held accountable for fraud.
