Criminals stole £1.17 billion through fraud in the UK in 2024, with the total number of reported fraud cases rising 12% year-on-year to a record 3.31 million, according to UK Finance. The increase was driven by a surge in remote purchase fraud, where criminals use stolen card details to make online or mail order purchases, and by the use of social engineering tactics to obtain one-time passcodes. Losses from unauthorised fraud rose 2% to £722 million, with 3.13 million cases reported, up 14% from the previous year. Remote purchase fraud cases increased by 22% to nearly 2.6 million, with losses up 11% to almost £400 million. In contrast, authorised push payment (APP) fraud cases fell by 20% to 186,000, with losses down 2% to just over £450 million. However, investment fraud within APP scams rose 34% to £144.4 million. Banks prevented £1.45 billion of unauthorised fraud in 2024. The introduction of new reimbursement rules in October 2024 set an APP reimbursement limit of £85,000 and led to 86% of APP scam losses being returned to victims in the first three months. More than 98% of unauthorised fraud victims were fully reimbursed. UK Finance data shows 70% of APP fraud cases started online, while telecoms accounted for a higher share of losses. Research indicates one in seven consumers in Britain is exposed to potentially fraudulent emails daily, but 43% would not report fraud if they were a victim or witness. Industry leaders, including Ben Donaldson of UK Finance and Jim Winters of Nationwide, called for greater collaboration between public and private sectors, as well as increased efforts from technology and telecommunications companies to address fraud originating on their platforms.