Lesson 1.
Regulations positively impact scam losses

UK regulations requiring banks to reimburse for scam losses are proving critical for reducing financial harm. Other nations, including the US, Australia, and Singapore, are discussing similar regulatory measures.

Lesson 2.
Fraudsters aggressively shifted to physical card theft

Payment card fraud losses reached £556.3M, while card-not-present (CNP) theft saw the highest share of losses.


increase in
fraud losses


of customers were
fully refunded


Card ID Theft
compared to 2021


Lost and Stolen
compared to 2021

Global trends will follow as consumers
resume pre-pandemic activities

Global trends will follow as consumers
resume pre-pandemic activities

Lesson 3.
Fraudsters move to mobile channels

Remote banking fraud losses reached £163.1M, a 46% decline from 2021.
As more customers adopt mobile banking, banks must work to keep mobile channels secure.

Lesson 4.
Advanced technology prevents scams

Banks must verify customer identity, analyze and aggregate behavioral biometrics, device intelligence, and transactional patterns to identify and block suspicious behavior.

  • Internet banking fraud: 76.3%
  • Mobile banking fraud: 15.7%
  • Telephone banking fraud: 7.9%

Lesson 5.
Track scam sources

Different channels present different challenges. For example, while social media sees more scam attempts, scam losses through telecommunication channels are much higher.

Originating Channel

Social Media


Volume of Scams



Share of Losses



Tracing the source and assessing the financial impact of scams allows banks to enhance
their fraud prevention. This knowledge also educates customers about potential scam threats across channels.

Ready to learn how to combat top fraud threats, including scams, card-not-present, account takeover, and more?

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