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Online banking fraud victims lost £160m in 2020/21

Online banking fraud victims lost more than £160m in 2020/21, according to new research published by comparison website MoneyTransfers.com.

It discovered there were 25,717 cases of cheque, plastic card and online bank account fraud recorded by 44 police forces between April 2020 to March 2021. The worst month was July 2020, which saw 2,349 cases being reported.

 

Broken down by force, the Metropolitan Police had the highest number of fraud cases with 4,224 reported - equivalent to 12 cases a day - with victims incurring a cost of £32.3m.

 

Other police forces to receive more than 1,000 cases of banking fraud were based in Greater Manchester and the West Midlands, reporting 1,332 and 1,265 cases respectively.

 

Thames Valley Police (971), Kent Police (896) and West Yorkshire Police (873) are among the other forces that recorded more than 800 cases of cheque, plastic card and online bank account fraud, ranking in fourth, fifth and sixth place.

 

In 44th and last place was Cleveland Police, which only reported 124 cases of bank account fraud in 2020/21. And, while Dyfed-Powys Police ranked in 43rd spot, the 146 victims experienced losses of £558,100.

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