Over 40% of Brits who fell victim to fraud or scams in the past year were unable to recover any of their lost money, according to new research from open banking payment provider Yaspa.
The study highlights the enduring financial and emotional toll of fraud, with only 19% of those affected successfully retrieving their full losses.
The average sum lost to scams over the last 12 months was £765, while the average amount recovered was just 34%. Among the surveyed group, 16% said they lost between £250 and £500, and 10% reported losses ranging from £500 to £1,000. The disparity in impact was particularly stark by gender and region. Men reported average losses of £943, nearly double that of women at £476. Northern Ireland topped the regional chart, with average losses of £2,290, followed by the North East (£1,337), Wales (£1,285) and Greater London (£1,151).
When asked about the platforms most commonly associated with fraud, respondents cited online shopping as the top culprit (15%), followed by fake emails and Facebook Marketplace (both 12%). Investment platforms and fraudulent phone calls were each mentioned by 10% of participants.
Yaspa head of public policy Amie Kadhim said, “Push payment fraud is one of the most damaging types of fraud today – and once the money’s gone, it’s rarely recovered. Scammers exploit the trust people place in bank transfers, highlighting the urgent need for better safeguards.
With a background in card acquiring, I’ve seen how Pay by Bank offers a more secure alternative. Open banking moves money directly between accounts using strong customer authentication, without exposing sensitive card details or leaving gaps for fraudsters.
As fraud tactics evolve, we must stay ahead with smarter technology – and help consumers understand which payment methods truly offer better protection. Pay by Bank does exactly that.”
Despite the frequency of fraud, 75% of Brits surveyed claimed they feel confident in identifying scams. However, emerging threats—particularly those powered by AI—continue to complicate matters. Around 37% of respondents believe fake voices, videos and images generated by AI are among the biggest risks. Others pointed to ticketing scams for concerts and sports events (23%) and unlicensed gambling sites (10%).
To help consumers protect themselves, consumer rights expert Martyn James outlined five key tips: remain cautious of convincingly faked websites and communications, verify all messages through official channels, beware of emotionally manipulative scams linked to current events, understand the dangers of push payment and conveyancing fraud, and act quickly by reporting suspected fraud to banks and the Financial Ombudsman.
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