According to banking industry figures, fraud has increased by 16%, with scammers stealing more than £3 million every day.
The UK’s financial and trade body said criminals specifically targeted victims to obtain one-time passwords.
Despite an increase in reported cases, total losses fell slightly – totaling £572m in the first half of the year.
Banks said fraud posed a “significant threat” to the UK and called for support in the fight against crime.
The figures follow the release of BBC Panorama earlier this week series of cases Involves electronic money company Revolut.
One victim told how he lost £165,000 from his business account in one hour. Revolut said it had “robust controls” in place.
A change in tactics by fraudsters has led to an increase in cases in the first six months of this year compared to the same period last year.
Unauthorized payments increased sharply and losses increased by 5%, partly due to fraudsters circumventing protection systems.
When customers pay online, they typically receive a one-time password to authenticate the transaction.
Scammers have found ways to trick people into telling them these codes in order to steal money.
However, the latest figures show a steeper decline in romance scams and investment scams.
This may be the result of a commitment to stricter rules on so-called authorized push payment (APP) fraud prevention.
When criminals trick victims into sending money by pretending to be a legitimate company, such as a bank or merchant, or by selling goods that don’t exist, it’s called app fraud.
Under new mandatory rules that come into effect on October 7, UK banks will refund up to £85,000 to victims of APP fraud within five days.
Prior to the introduction of mandatory rules, most banks had signed up to the voluntary reimbursement code.
There were 97,344 APP fraud cases in the first half of the year, with total losses reaching 214 million pounds.
Ben Donaldson, managing director of economic crime at UK Finance, said: “Fraud continues to pose a significant threat to this country.”
“As well as the financial impact, this type of crime can cause serious psychological harm to victims.
“This is not a battle we can win alone.”
On Sunday, Lloyds Banking Group chief executive Charlie Nunn accused tech giant Meta, which owns social media platforms Facebook and Instagram, of “Enable” people to be contacted by fraudsters Commit online fraud.
Meta responded by saying its “pilot Fraud Intelligence Reciprocal Exchange Program (FIRE)” was designed to enable banks to “share information so that we can work together to protect people who use our respective services.”
