Scammers are continuously adapting and developing their techniques in order to trick more and more people every day.
Based on data from UK Finance and analysis from KIS Finance, these are what we predict will be the biggest scams and fraud threats of 2020.
Authorised Push Payment (APP) Scams
Authorised push payment scams are one of the largest growing threats to consumers. According to trade body UK Finance, there were 57,549 reported cases of APP fraud in just the first half of 2019 – a rise of 69% year on year. Total monetary losses of reported cases reached £207.5 million.
An authorised push payment scam is when a criminal tricks you into transferring money into an account controlled by them by making you believe they are a genuine organisation such as a bank,...