Mobile banking scams remain a significant threat within the UK. Data from major UK banks and payment providers shows that mobile banking fraud cases in the UK have soared by 62% in just one year, with losses amounting to £45.5 million in 2023, a 33% increase from 2022.
The study, which was completed by a firm called Investing in the Web, analysed recent fraud data and found that card identity theft now ranks as the fastest-growing fraud category across the UK, with a 74% increase in reported incidents compared to the previous year.
The losses have jumped from £51.7 million in 2022 to £79.1 million in 2023 (53%), while the number of reported incidents has risen from 82,064 to 142,442 (74%) over the same period.
The analysis found that purchase scams remain a common fraud type by volume, with over 156,000 incidents reported last year—a 34% increase from 2022. Telephone banking scams have increased by 19%, with reported losses of £17.6 million in 2023.
Romance scams continue to cause significant financial harm, with losses increasing by 17% to £36.5 million in 2023. These scams typically involve criminals building emotional relationships with victims over time before requesting money for supposed emergencies or investment opportunities.
Reported fraud losses in the UK, 2022 to 2023
Card Card ID Theft £79.1m
Remote Banking Mobile Banking £45.5m
Payment Purchase scam £85.9m
Remote Banking Telephone Banking £17.6m
Payment Romance scam £36.5m
Card Lost & stolen £104.0m
Payment Invoice & Mandate Scam £50.3m
Card Counterfeit £4.7m
Payment Advance Fee scam £31.3m
Payment Investment scam £107.8m
Card Remote purchase £360.5m
Payment CEO Scam £11.6m
Payment Impersonation: £57.3m
Remote Banking Internet Banking £88.7m
Card CNR £3.0m
Data was collected from the UK Finance Annual Fraud report for the number of reported fraud cases and gross losses from 2022 to 2023. The percentage change was calculated between 2022 and 2023
While some fraud categories showed encouraging declines, experts warn that criminals are simply shifting their focus to more lucrative methods. In particular:
• Internet banking fraud has fallen by 22% in value and 57% in incident numbers, which shows that improved security measures in this area are working.
• Remote purchase fraud remains the largest category by total value at £360.5 million in 2023, despite a 9% decrease from 2022. This fraud type involves transactions made without a physical card present, such as online shopping.
According to the UK government’s Fraud Strategy, fraud now accounts for over 40% of all crime in England and Wales, with an estimated cost to society of at least £6.8 billion annually.
