Bank transfer scams — also known as Authorised Push Payment (APP) fraud — have remained a serious issue in recent years. An APP scam happens when someone is tricked into authorising a bank transfer themselves, believing they are sending money to a legitimate person or business, when in reality the funds go directly to a fraudster.
In 2024, victims lost £450.7 million across fewer than 186,000 reported cases. While this was the lowest number of cases since 2020, the average amount lost per victim increased significantly. In the first half of 2024 alone, there were 97,344 reported bank transfer scams, with £213.7 million lost. For comparison, in 2023 there were 252,626 reported cases, with total losses of £341 million, highlighting how widespread and costly these scams continue to be for people across the UK.
Bank transfer (APP) scams continue to affect thousands of people nationwide. In the first half of 2025, victims lost around £257.5 million across more than 110,000 reported cases, with investment and cryptocurrency scams accounting for a large proportion of losses. Although banks returned approximately 62% of stolen funds, many victims do not receive a refund automatically and are required to submit a formal complaint or claim. Understanding your rights and how the claims process works can significantly improve your chances of recovering money lost to a bank transfer scam.
You’re not alone. Thousands of people across the UK are tricked into sending money every year, and these scams can happen to anyone — regardless of age, background, or financial experience. What matters now is getting the right support. Money Rescue Group is here to guide you, fight your corner, and help you reclaim the money you’ve lost, providing clear advice and reassurance at every stage of the process.