Community

The banks need greater support and information sharing with each other and the telcos and social media platforms, where the official figures show most of the scams originate. If non-banks were also impelled to participate in making good customer losses, in addition to sending and receiving parties as is the case now under APP rules, that would be a start!

I think your figures are also out: "Official statistics tell us that 250,000 UK people lost £500,000 to Automated Push Payment (APP) scammers last year" [an avg loss of £2 pp which is extremely low!!].
APP losses in 2023 were in fact £460 million with £270 million returned to customers. This for ~250k people/businesses.