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APP Fraud Down, CNP Fraud Up, Latest UK Finance Stats Reveal
UK Finance has its Half Year Fraud Report for 2024, revealing that £571m was stolen through unauthorised and authorised fraud in the first six months of the year. This marks a 1.5 percent decrease compared with the same period in 2023.
Authorised push payment (APP) fraud losses decreased by 11 percent to £213m, with significant drops in purchase scams, romance scams and investment scams.
However, online platforms and telecommunications continue to drive APP fraud, with 72 percent of cases starting online.
Unauthorised fraud losses across payment cards, remote banking and cheques rose by 5 percent, totalling £358m, while card-not-present (CNP) fraud saw a 26 percent spike.
Ben Donaldson, managing director of economic crime at UK Finance, said the fight against fraud cannot be won by the financial services industry alone.
"There have been some improvements made by other sectors, but their actions don’t yet fully match the scale of the problem, and more needs to be done to prevent fraudsters exploiting these platforms and networks," he said.
Klarna Steps In Following Demise Of Apple Pay Later
Klarna has that its buy now, pay later (BNPL) service is now available to Apple Pay users in the US and UK when checking out online or in-app.
The BNPL firm also said it will launch within Apple Pay in Canada in the “coming months”.
Klarna will appear in "Other Cards & Pay Later Options" when checking out on Apple Pay with an iPhone or iPad.
The move follows the launch and swift withdrawal of Apple’s own BNPL service, Apple Pay Later.
As covered by žž, Apple Pay Later was discontinued in June this year, less than 12 months after its full launch.
One of the reasons given was that Apple had decided to pursue partnerships with other BNPL firms, instead of offering BNPL services directly.
