The Financial Conduct Authority has stated its disappointment with the way firms supported victims of fraud. The review found that in the first half of 2023, 116,000 people reported falling victim to Authorised Push Payment (APP) fraud. This occurs when someone is tricked into sending money to a fraudster posing as a genuine payee.

The review calls for better support from banks and payment providers, but Vivek Dodd, CEO of online compliance training provider, has shared how businesses themselves can help prevent customers from falling victim to scams.