According to the UK Finance industry association, people in the UK lost £1.2bn to fraud in 2022, equivalent to £2,300 per minute. The figures also show that around two-fifths of the total losses from scams in which people were duped into transferring money to scammers last year were not compensated.

The agency said the total loss to APP fraud last year was £485.2 million, of which £285.6 million was returned to victims, or 59%. The UK Treasury said losses were not always compensated and urged tech companies to "share the burden".

UK Finance says its data shows that 78% of APP scams start online, with telecoms fraud accounting for 18%. A few days ago, TSB Bank said that eight out of 10 scams suffered by its customers can be traced back to Meta's platform.

The agency's report said: "The misuse of online platforms by criminals to defraud victims continues to drive APP fraud losses. These include investment scams promoted on search engines and social media, romance scams carried out through online dating platforms, and purchase scams promoted through auction sites."

The study also found that romance scams - where scam gangs pretend to be romantically interested in their victims in order to get money - increased in 2022.

However, investment fraud - where scammers pretend to offer investment opportunities - has fallen by a third under pressure from the rising cost of living.