Protecting Yourself Against Fraud: How arch.law Can Help

In a world where technology advances rapidly, so do the tactics of fraudsters and scammers. Recent data from UK Finance reveals a troubling rise in fraud cases, highlighting the importance of vigilance and the need for expert assistance in navigating these challenges.

Alarming Statistics on Fraud and Scams

UK banking customers lost a record amount of money last year due to purchase and romance scams. The cases of authorised push payment (APP) scams, where victims are tricked into sending money to fraudsters, increased by 12 per cent in 2023, reaching approximately 230,000 incidents. This surge was driven by a 36 per cent rise in purchase scams, which include fraudulent sales of non-existent goods such as concert tickets. Purchase scams alone accounted for nearly 70 per cent of all APP fraud, resulting in an unprecedented £86 million in losses.

Romance scams, another form of APP fraud, saw criminals steal a staggering £36.5 million by posing as romantic partners, marking a 17 per cent increase from the previous year. These scams not only lead to significant financial loss but also cause profound emotional distress.

The Broader Impact of Fraud

Ben Donaldson, managing director for economic crime at UK Finance, emphasised the destructive nature of these crimes:

 “The criminals who commit these crimes destroy lives and damage our society. The money stolen funds serious organised crime and victims often suffer emotional damage, as fraud is a pernicious and manipulative crime.”

While banks and payment companies have improved in reimbursing victims, with about 62 per cent of losses returned last year compared to 51 per cent in 2022, the total amount lost to fraud remains staggering. In 2023, the total lost to fraud was £1.17 billion, a slight decrease from the previous year but still alarmingly high.

New Regulations and Industry Challenges

To further protect victims, new regulations set by the Payments Systems Regulator will require banks and payment companies to refund victims of APP fraud up to £415,000 per claim starting from October. However, this has sparked concerns from payment companies about the potential increase in fraud and the financial strain on smaller firms. There is also criticism that these regulations do not hold social media platforms accountable, where 60 per cent of APP fraud originates.

Collaborative Efforts Needed

Mark Tierney, chief executive of anti-fraud coalition Stop Scams UK, highlighted the need for a collaborative approach:

“The scale of the problem remains unacceptable and once again underlines the need for further collaborative efforts across industry, public sector and government.”

How arch.law Can Assist You

At arch.law, we understand the devastating impact of fraud and scams on individuals and their families. Our team specialises in assisting victims of fraud, providing expert legal advice and representation to help you reclaim lost funds and achieve justice. Here’s how we can help:

Expert Legal Advice

Our experienced solicitors will guide you through the legal process, ensuring you understand your rights and options.

Reclaiming Lost Funds

We work tirelessly to help you recover money lost to fraud through legal action and negotiation with financial institutions.

Emotional Support

We recognise the emotional toll that fraud takes on victims and provide compassionate support throughout your case.

Preventative Measures

We offer advice on protecting yourself from future scams, helping you stay informed and vigilant.

Fraud and scams are complex crimes that require expert handling. If you have been a victim, do not hesitate to reach out to Arch.Law. Our dedicated team is here to support you, providing the legal expertise and compassionate assistance you need to navigate this challenging time. Contact us today to learn more about how we can help you reclaim your peace of mind and financial security.

Lawyers and professional advisors at arch.law can help protect what’s most important. They enjoy the freedom to operate flexible schedules and expand their reach beyond a single geographic location, allowing them to serve clients in different countries. We believe this flexibility is a highly valued element of what sets us apart and a great tool in attracting experienced lawyers to remain or return to practice. Our clients receive tailored legal solutions delivered by highly qualified and engaged professionals able to leverage technology to improve efficiency and collaboration, resulting in faster and more effective legal services.
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Authored by

Mark Montaldo
Mark Montaldo arch.resource member
With over 15 years of dedicated experience in the legal field, Mark is a seasoned solicitor known for this expertise in handling complex commercial and civil litigation matters and track record of delivering exceptional legal services to clients. Mark has gained an intricate understanding of property law and has successfully resolved numerous property disputes and is committed to seeking justice for those who have fallen victim to fraud. By employing his extensive legal knowledge and experience, they diligently advocate for clients, helping them recover their losses and holding wrongdoers accountable. When you choose Mark as your legal representative, you can be confident that you are enlisting the services of a dedicated and highly skilled solicitor who will tirelessly pursue your best interests.

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