Consumer protection

UK Finance states that the total number of fraud cases rose by 16% in H1 2024, compared with the same period in 2023, with the value of losses across both authorised and unauthorised fraud at an estimated £570 million.¹

NatWest Group aims to combat fraudulent activity, and is investing in resources and capability to evolve defences. We continue to develop our capability in using data and analytics to proactively detect fraud, including by alerting customers who may be at risk from purchase scams.

In July 2024, the PSR updated its Authorised Push Payment (APP) fraud performance data for 23 banks, including 14 major UK banking groups and nine smaller firms. The performance data relates to 2023.

NatWest Group:

• Ranked fourth for reimbursing customers who fell victim to APP scams. We fully reimbursed 89% and partially reimbursed 3% of the APP scam cases reported by customers in 2023.
• Had the third lowest value of APP scams sent per £ million of transactions. For every £1 million of transactions sent in 2023, £92 was APP fraud; down from £134 in 2022. (1) UK Finance Half Year Fraud Report [HL3]
• Had the second lowest value of APP scams received per £ million of transactions. For every £1 million of transactions received, £61 was APP fraud; down from £76 in 2022.

Read more on the PSR website