Scammers robbed victims of almost £1.3bn last year, as tech firms blamed for 'profiting from devastating crimes'

Unscrupulous fraudsters stole almost £1.3billion from scam victims last year, fresh industry figures today reveal.

The number of scam cases soared by 11 per cent to 4.06million last year as criminals exploited gaps in the system, according to striking data from banking body UK Finance.

Losses from investment and romance scams climbed to record highs as crooks relied on manipulation techniques to assist their cruel schemes.

UK Finance blamed social media and other online platforms for the rise, saying they were 'profiting from devastating crimes.'

Authorised push payment (APP) scams, where a victim is tricked into wiring money from their account to a crook, soared in 2025.

Tricksters employ clever social engineering techniques to manipulate victims into parting with their money.

Losses from this type of fraud rose by 19 per cent to £576.4million – of which £500million accounts for personal, rather than business, losses. Total cases climbed by 7 per cent to 248,070.

Purchase scams, where shoppers pay for an item that they never receive, account for 71 per cent of all cases.

Victims who fell for authorised scams are protected by their banks for losses up to £85,000. Despite these rules, banks only refunded 88 per cent of 'in scope' losses to victims.

Jonathan Frost, a director at cybersecurity firm BioCatch, said: 'As banks strengthen controls, organised fraud networks are targeting parts of the ecosystem where visibility is lowest and coordination is weakest.

'APP fraud is on the rise because fraudsters control intent and the destination of funds.'

The banking body UK Finance has blamed technology platforms and telecommunications giants for the rise in authorised fraud.

Two in three of these cases begins online, the annual report states, while 17 per cent begin via a call or text.

Ruth Ray, managing director of economic crime at UK Finance, said: 'The financial sector invests huge amounts in protecting customers, but we cannot be the only line of defence.

'Given most APP fraud still starts via online tech platforms or via telecoms, we urgently need stronger, enforceable responsibilities to be placed on these sectors. This is the way to reduce the harm and stop criminals and tech companies profiting from these devastating crimes.'

The group has called for platforms to target fraudulent advertising and for online marketplaces to verify their sellers.

When asked if UK finance was denying responsibility for sky-high case numbers, Ray added: 'For an awfully long time now the banking sector has been working tirelessly to protect money going out of the back door, despite having very little influence over where these online frauds are originating.

'The banking sector are very much at the goal post here, but we can't continue to play goalkeeper when so much is actively being initiated on online platforms far in advance of where the banks are experiencing the problem and have the ability to influence the outcome.'

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Advance fee fraud also climbed last year. The number of cases climbed by 38 per cent but the value lost rose by a shocking 65 per cent to £58.4million.

Here, criminals convince a victim that they must pay a fee to unlock a larger payment, or as a deposit for a holiday.

They may also say that fee is needed before an inheritance can be received. But of course, these funds never materialise.

Investment scams made up the largest proportion of losses at £221.5million and were up a huge 40 per cent, which is the highest total loss ever reported.

Here, scammers convince innocent victims to move their money into a fund or pay for an investment with the promise of high returns. However, the investment is fake.

Cases also increased last year by 26 per cent.

Jim Winters, head of financial crime at Nationwide Building Society, said: 'We're continuing to see investment and APP scams have significant impact on customers, with investment fraud, often linked to cryptocurrency, consistently among the most common.

'These scams frequently begin on social media, sometimes using fake celebrity endorsements, and remain effective regardless of how crypto markets are actually performing, promising returns that are not possible, showing how powerful and convincing fraudsters are at storytelling.'

Meanwhile, the number of cases and value lost fell across impersonation, invoice and 'CEO' scams.

The number of unauthorised fraud cases – where criminals use stolen card details to make purchases or transfer cash – surged by 11 per cent last year to 3.81 million.

However, the value lost fell by 5 per cent to £703.4million. The industry also stopped 70 pence in every £1 of attempted fraud.

Criminals use clever techniques to obtain card details and then make purchases using your money.

The victim may not even know that their card details have been stolen and could still have their physical card with them when the fraud occurs.

That is because, in some cases, the details are stolen by criminals who hacked into the online systems of retailers and other businesses and took the details of their customers, according to UK Finance. Worryingly, the details can be used months or even years after the data breach.

As well as remote purchase fraud, criminals also use less sophisticated methods to get hold of card details.

For example, they might steal cards by distracting victims while they are using an ATM. Fraudsters can also attach a concealed device to the card reader of an ATM to steal the card's data, and encode it onto a duplicate card.

The number of these cases climbed by 23 per cent last year while the amount lost rose by 21 per cent.

Victims of unauthorised fraud are legally protected, so banks refund almost all cases.