20/06/2026
AI scams steal £576.4m from victims
More than £576.4m was lost to authorised push payment (APP) scams over the last year, according to UK Finance, with a reported 20% increase in these scams driven by advancements in AI. Ruth Ray, managing director of economic crime at UK Finance, said: “We are shocked but we are not surprised.” Investment fraud accounted for £221.5m, while romance fraud losses rose to £39.2m. Banks reimbursed £354m to victims, leaving many without recovery options.