Consumer complaints regarding fraud and scams in the UK surged to a record high in the third quarter of 2024, with 9,091 cases reported, representing a 45% increase compared to the previous year. This rise is attributed to increasingly complex fraud schemes, including multi-stage scams. While UK Finance reports that fraudsters stole £1.17 billion in 2023, advanced security systems contributed to the prevention of £1.25 billion in unauthorized fraud. There are growing calls for technology companies to assume greater responsibility in combating fraud; however, current regulations do not mandate that platforms provide compensation to victims.
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