Mobile banking fraud cases soar 62% in one year as criminals target apps
Data from major UK banks and payment providers shows that mobile banking fraud cases in the UK have soared by 62% in just one year, with losses amounting to £45.5 million in 2023, a 33% increase from 2022.
The study, completed by Investing in the Web, analysed recent fraud data and found that card identity theft now ranks as the fastest-growing fraud category across the UK, with a 74% increase in reported incidents compared to the previous year.
The losses have jumped from £51.7 million in 2022 to £79.1 million in 2023 (53%), while the number of reported incidents has risen from 82,064 to 142,442 (74%) over the same period.
The analysis found that purchase scams remain a common fraud type by volume, with over 156,000 incidents reported last year—a 34% increase from 2022. Telephone banking scams have increased by 19%, with reported losses of £17.6 million in 2023.
Romance scams continue to cause significant financial harm, with losses increasing by 17% to £36.5 million in 2023. These scams typically involve criminals building emotional relationships with victims over time before requesting money for supposed emergencies or investment opportunities.
