UK Finance warns tech giants to step up in Britain’s fraud fight UK Finance has delivered its most forceful warning yet to the world’s biggest tech platforms, with chief executive David Postings calling on Silicon Valley to “grasp the scale of the crisis” and do far more to stop fraud spreading across their networks. Speaking at the Economic Crime Congress 2025, Postings said the UK is now [...]
AI drives surge in fraud as criminals turn to more sophisticated scams Banking Fraud losses hit £629m in H1 2025, driven by new investment scams and record card fraud, as AI enables criminals to commit more sophisticated scams. For the first six months of 2025, there were over 2m confirmed fraud cases, a 17 per cent increase, according to trade body UK Finance, as criminals stole £629.3m, a [...]
How to spot a financial scam Personal Finance Financial scams are on the rise. Here’s what to be aware of to make sure you don’t fall victim to one, and what to do if you or someone you know is scammed. Criminals stole over £1bn through fraud in 2024, UK Finance’s latest fraud report has revealed. There were over 3.3m confirmed cases of [...]
FCA boss: Buy now, pay later regulation is a trade off June 10, 2025 The chief executive of the Financial Conduct Authority (FCA) said the new clamp down on buy now, pay later (BNPL) regulation would be a “trade off” as he faced a grilling from MPs. Nikhil Rathi, who was reappointed as the regulator’s boss in April, told the Treasury Committee the crackdown would have “beneficiaries and downside [...]
Londoners most at risk of online fraud, report reveals June 10, 2025 Londoners are at significant risk of digital and financial exclusion after new data revealed one in four people in the UK capital lack confidence in money management. According to research from WPI Economics and Virgin Money, Londoners are twice as likely to experience both digital and financial exclusion than those living in the South East. [...]
Exclusive: UK urged to set up National Anti-Fraud Centre to halve crime rate April 7, 2025 The UK government is being urged to set up a National Anti-Fraud Centre to halve the rate of the crime by 2028. Industry body Innovate Finance has launched a blueprint to make the UK the world leader in tackling fraud, and is urging ministers to prioritise cross-sector data sharing and shared liability in a bid [...]
UK fintechs sound alarm on spike in organised crime March 19, 2025 Seven in ten UK fintechs said fraud volumes in their business shot up over the last year, according to new research. Alloy’s State of UK Fraud Report stated 79 per cent of UK fintech firms lost at least £500,000 to fraud in the 12 months to October 2024. Two in five recorded losses between £1m [...]
Complaints about banks’ handling of fraud hit record high November 27, 2024 Official complaints about banks' handling of fraud have hit a quarterly record as the sector comes under new rules to reimburse scam victims.
Fraud cost Brits almost £600m in first half of 2024 October 18, 2024 Fraudsters stole almost £600m from Britons in the first half of 2024, new figures reveal, in a sign of the heavy losses banks will cover under new mandatory reimbursement rules.
Revolut named in more police fraud reports than any UK bank last year October 14, 2024 Revolut was named in more police fraud reports than any UK bank last year, new data has revealed, as the fintech prepares to launch as a fully-fledged lender in its home market.