UK Finance has reported a significant rise in fraud cases in the past year, with Taylor Swift's upcoming UK tour and the Olympics being potential targets for ticket scams. In 2023, £1.2 billion was stolen through various fraud schemes, a decrease of 4% from 2022 due to improved bank security. Purchase scams, where consumers pay for goods or services that are never delivered, were particularly notable, accounting for roughly two-thirds of the cases. Lloyds Bank has issued warnings after more than 600 customers lost over £1 million to fake Taylor Swift ticket scams.
Overall, £460 million was lost to authorised push payment (APP) fraud. Romance scams also surged, with losses reaching £37 million, while card identity theft rose by 53% to £79 million. New regulations set for October will require mandatory reimbursement for APP fraud victims, which currently operates under a voluntary code. Industry experts stress the need for greater collaboration across sectors to combat this growing threat.