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Financial scams ‘now a threat to UK’s security’ | Personal Finance | Finance

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UK Finance said purchase scams – where individuals are tricked into transferring money to a fraudster – made up greater than 50 percent of cons in the primary half of this 12 months.

There have been 95,219 authorised push payment (APP) scams, with gross losses of £249.1million.

UK Finance said £90.5million of APP scams was as a consequence of criminals impersonating people equivalent to bank staff or police.

And £61.2million was lost to investment rip-offs. Romance cons accounted for £16.6million of APP fraud losses.

Katy Worobec, of UK Finance, said: “The extent of fraud within the UK is such that it should be considered a national security threat.”

“For this reason it is essential that other sectors work with us.”

“Fraud stays a persistent threat to businesses, consumers and the expansion of the economy, not to say the repute of the UK as a spot to do business.”

Rocio Concha, of consumer champion Which?, said: “The UK is within the grip of a scams epidemic.”

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