Britons lost more than £1bn to fraudsters last year, new figures show, as purchase scams surge to a record high and social media firms face tough questions over the high levels of fraud originating on their platforms.

Criminals stole a total of £1.17bn through unauthorised and authorised fraud in 2023, according to data reported by members of trade body UK Finance, which include banks, card issuers and other payment firms.

Total losses were down four per cent from the previous year, while banks prevented a further £1.25bn of unauthorised fraud through their security systems.