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Source:
Survey commissioned by Yaspa, conducted by Censuswide with a nationally representative sample of 2,002 UK adults.
Nearly Half of UK Surveyed Fail to Recover Funds Lost to Scams
A recent national survey highlights a worrying trend: over 40% of UK adults who were victims of fraud in the past year were unable to recover any of the money they lost. With average losses reaching significant figures—£765 among all participants and £943 for men—the data underscores the urgent need for more robust fraud-resistant payment channels.
The study, conducted by Censuswide on behalf of open‑banking payments provider Yaspa, shows that across all regions, only one in three people regained part of the funds lost, with the recovery rate averaging just 34%. The findings carry weight as UK consumers continue to rely heavily on online payment infrastructure susceptible to misuse.
Younger Adults Sustain Lower Financial Losses
While the survey found that 35% of respondents—around 17.5 million people—had suffered fraud in the past 12 months, not all age groups were affected equally. Individuals aged 16–24 reported the lowest average loss, around £284, compared with losses between £750 and £900 in all other adult age ranges.
This discrepancy may reflect both differences in disposable income and familiarity with digital platforms. Older age groups and those in Northern Ireland were particularly exposed, with average losses of £2,290 in Northern Ireland and over £1,100 in regions such as Greater London and the North East.
E-commerce and Digital Scams Dominate
Online activity emerged as the primary vector for fraud. Respondents cited online shopping scams, phishing emails, and marketplace fraud—especially on platforms like Facebook Marketplace—as among the most common. Investment scams, concert ticket fraud, and deep‑fake or AI‑based deception also ranked highly, with nearly a quarter identifying those as frequent schemes.
Patterns in the data show a growing sophistication in scams and the platforms they use, leaving many consumers vulnerable to increasingly tailored attacks.
Technology Seen as Key to Fraud Defense
Consumers do not feel adequately protected. Nearly half believe that government inaction is to blame, while 44% assign primary responsibility to banks and financial institutions. Only about a third identified tech firms or individuals as accountable.
Growing concern over fraud is evident: around 70% said they worried about being targeted in the coming year. A third of respondents suggested improved technology, particularly for fraud detection, as the best defense.
Yaspa representative Amie Kadhim emphasised that fraud through push payments remains one of the most damaging forms of financial exploitation and that open banking–based services offer stronger safeguards. These systems move money directly between accounts using secure authentication, limiting exposure that comes with traditional card-based transfers.
How Open Banking Could Shift the Fraud Equation
The survey reinforces the need for fraud-resistant payments. Traditional payments often expose card data or rely on intermediated authorisation broadly vulnerable to scams. Open banking alternatives, or “Pay by Bank” systems, offer an opportunity to reduce fraud risk by eliminating card details and offering stronger identity verification.
According to Yaspa, open banking methods can drastically reduce reclaimed sums lost to scams. With one-third of UK consumers already supporting better fraud-detection tools, more secure payment mechanics can play a central role in protecting users.
Conclusion: Building Safer Payment Tools Is a Policy Priority
With substantial financial losses and low recovery rates, the survey highlights a pressing policy and consumer protection challenge. The data reinforces long-standing concerns that the UK remains exposed to financial crime while consumers rely on outdated or vulnerable payment channels.
Open banking–driven methods emerge as a potential countermeasure, offering real-time confirmation, encrypted data handling, and streamlined identity checks. As fraud methods evolve, the technologies associated with modern payments must advance in tandem.
