Unmasked: Subtle Deception: Britain experiences a stealthy surge of fraud, leaving many unaware of being victimized.
Increase in Remote Purchase Fraud Sweeping Across Britain
Britain is experiencing a wave of remote purchase fraud, a type of scam that utilizes stolen financial details to make online, phone, or mail-order purchases. Experts have warned that cases of this fraud are rapidly increasing and are expected to continue, with a major contributor being cyber attacks on businesses that result in the theft of customer card details.
According to the latest annual fraud report from banking group UK Finance, cases of remote purchase fraud rose by 22% in 2024, reaching a record high of 2.6 million. This marks a significant increase in financial losses, which went up by 11% to almost £400 million.
The overall losses due to fraud exceeded £1.17 billion in 2024, with the number of fraud cases rising by 12%. Remote purchase fraud, however, saw a considerable increase, accounting for the majority of this growth.
Remote purchase fraud involves criminals using stolen card details to buy goods online, over the phone, or via mail order. The stolen information can be used months or even years after the data breach, making it difficult for victims to detect the fraud.
A sizeable portion of these losses is attributed to cases where customers did not receive new credit or debit cards sent to them in the post. In these incidents, criminals were able to steal nearly £3 million due to misplaced cards. Additionally, card theft at ATMs remains a common method for criminals to acquire card details, with losses from remote card fraud rising by 3% in 2024.
To combat fraudsters and protect their customers, banks often implement additional security measures, such as one-time passcodes (OTPs), which are sent to customers' mobile phones for verification before a transaction is processed. While OTPs are an effective deterrent against unauthorized transactions, fraudsters have been using social engineering techniques to trick victims into handing over their OTPs.
The banking industry is urging customers to be cautious when sharing personal and financial information, emphasizing the importance of regular password changes, keeping personal information secure, and closely monitoring accounts for suspicious activity. If a customer suspects they have been a victim of unauthorized fraud, they should notify their bank immediately to initiate the refund process.
In some cases, victims may not be eligible for reimbursement if they did not protect their card details or password in a manner that allowed the payment, acted fraudulently or complicitly, or failed to notify their bank within the 13-month reimbursement period.
In light of the rise in remote purchase fraud, the banking industry remains committed to protecting customers from unauthorized transactions. However, as tactics evolve, it is essential for individuals to remain vigilant, cautious, and proactive in safeguarding their personal and financial information.
Sources:
- UK Finance (2025). Fraud the Facts: A guide to fraud and scams
- UK Finance (2024). Annual Fraud Report 2024
- Action Fraud (2024). Report: Card fraud
- UK Parliament (2024). Identity Fraud: Current State of Play
- The increase in remote purchase fraud in Britain is a significant concern for the finance industry, with cases rising by 22% in 2024 and financial losses approaching £400 million.
- The banking and insurance sector is vigilant in implementing security measures such as one-time passcodes (OTPs) to protect customers against unauthorized transactions, but fraudsters are increasingly using social engineering techniques to bypass these safeguards.
- Personal-finance security is a priority in today's technology-driven banking industry, with experts recommending regular password changes, secure storage of personal information, and close account monitoring for suspicious activity.
- Cybersecurity remains a critical aspect of the finance industry, as the majority of remote purchase fraud cases are a result of cyber attacks on businesses, leading to the theft of customer card details.
- General news outlets report that hundreds of millions of pounds are lost annually to fraud, with remote purchase fraud accounting for a substantial portion of these losses, particularly in cases where customers did not receive new cards sent via post.
- The crime and justice sector emphasizes the importance of prompt notification to banks in the event of suspected fraud, as failure to do so within the 13-month reimbursement period may result in a victim being ineligible for reimbursement if it is determined that they acted fraudulently or complicitly.
