True scale of payment fraud in UK is EIGHT TIMES higher than previously thought, shock report reveals

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THE true scale of payment fraud in the UK is eight times higher than previously thought, a shocking report claims.

Financial regulators previously believed fraud through Authorised Push Payments cost Brits £380m a year but a new study puts the losses at £3billion.

GettyThe new report will say banks must do more to prevent fraud, including romance and investment scams[/caption]

The report, penned by the Parliamentary Group on Fair Banking, exposes...