Over £1.2bn was stolen through fraud in 2022, a reduction of 8% on 2021. The number of fraud cases across the UK was down 4% to almost three million cases, according to UK Finance, the trade association for the UK banking and financial services sector.


Within the total figure, unauthorised fraud losses across payment cards, remote banking and cheques reached £726.9m in 2022, a decrease of less than 1% compared to 2021.  

Remote purchase fraud, where a criminal uses stolen card details to buy something online, over the phone or through mail order, remains the biggest category of losses at £395.7m – although this figure was again down on the previous year.

Fraud on lost and stolen cards increased by 30% to £100.2m and card ID theft, where a criminal opens or takes over a card account in someone else’s name, almost doubled to £51.7m. Victims of unauthorised cases such as these are legally protected against losses. 


Authorised push payment (APP) fraud losses reached £485.2m, down 17% compared to 2021. Within this, 57% of all reported cases related to purchase fraud, with case volumes breaking 100,000 for the first time. Investment fraud continued to be one of the largest proportions of APP losses (24%), although there was a 34% reduction compared with 2021.

Overall, the amount of APP losses reimbursed increased by five per cent in 2022 compared to the previous year.

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The banking and finance industry spends billions of pounds each year fighting this type of crime. However, the majority originates outside the banking sector and UK Finance has conducted analysis on over 59,000 APP cases to show the sources.

The analysis showed that 78% of APP cases originated online – these tend to include lower-value instances such as purchase fraud and therefore account for 36% of losses. Social media platforms account for the greatest number of online cases – around three-quarters of online fraud starts on social media. 

Meanwhile, 18% of cases originate via telecommunications – these are usually higher-value cases, such as impersonation fraud, and account for 44% of losses.  

Lombard joins Acquis Lumia