UK banks paid out £576.4mn in authorised push payment fraud losses last year, a sign that the regulator’s APP reimbursement regime does “absolutely nothing” to prevent fraud, according to UK Finance.
Losses across all types of fraud swelled to £1.28bn in 2025, the highest level since 2021, prompted by growth of around 20 per cent in APP fraud, which now accounts for nearly half of all fraud losses.
Increasing APP fraud comes despite a fall in unauthorised fraud losses, which were down 5 per cent to £703.4mn, according to UK Finance data.
APP fraud occurs when victims authorise their bank to send money to a scammer, whereas unauthorised fraud can happen without the victim’s involvement.
“Banks play a really critical role in preventing money being lost and protecting their customers but they can’t continue to be the last or only line of defence,” said Ruth Ray, managing director of…
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