Banking and payment scams to watch out for in the new year

‘If it looks too good to be true, it usually is,’ experts warn

A ‘permissive culture’ exists around fraud, and more joined-up action is needed to prevent scams from happening in the first place, according to a House of Lords committee (Tim Goode/PA) (PA Wire)

Banking and payment scams have become an increasingly common way for fraudsters to gain access to people’s personal and financial information in recent years.

Earlier this year, a UK Finance report found fraud losses at British banks increased 8 per cent overall in the year to £1.3bn. It also revealed that losses from so-called authorised push payment scams - scams where a customer is tricked into a payment – grew 39 per cent to £583m.

Britons are now being urged to watch out for bank scams in 2023, whether they are being offered an online “bargain” or a “get rich quick” scheme.