Card identity theft in the UK has become a critical issue, with losses surging by 53% to £79.1 million in 2023. A recent study by Investing in the Web revealed a staggering 74% increase in identity theft incidents, and mobile banking fraud also rose sharply by 33%. Other fraud types, including purchase scams and romance scams, continue to inflict financial damage. Although some categories like internet banking fraud show declines, experts warn that fraudsters are adapting to target more lucrative avenues, reinforcing the need for enhanced security measures across all sectors.
New data indicates that card identity theft losses in the UK surged by 53% in a year, totaling £79.1 million in 2023.
The study by Investing in the Web reveals identity theft as the fastest-growing fraud type in the UK, with incidents rising by 74%.
Mobile banking fraud losses have escalated by 33%, reaching £45.5 million, as the number of incidents increased by 62% from 2022 to 2023.
While some fraud categories have improved due to security upgrades, experts warn criminals are shifting tactics to target more profitable schemes.
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