City of London and EY call for national digital ID March 27, 2025 The UK risks losing its position as a global financial hub unless it rapidly upgrades its digital verification infrastructure. A new study from EY and the City of London Corporation warned that delays in establishing a government-backed, scalable digital verification system (DVS) could cost the UK billions in economic benefits. Meanwhile, it is increasing businesses [...]
Banks turn to AI to lead fraud prevention efforts March 23, 2025 As Britain’s biggest banks scale up their technology, lenders are turning to AI to fight fraud, a new report has found. NTT Data’s ‘Banking Trends 2025’ report found over half of UK banks thought generative AI was key to fraud prevention. Lenders have been urged to up their consumer protection abilities after Chair of the [...]
Top City analyst cloned in AI deepfake scam March 21, 2025 Michael Hewson – one of the City’s most respected market analysts – was cloned as part of an AI-powered social media scam. A fake video using AI to pose as the host of the Good Money Guide Podcast circulated on Facebook and Instagram this week, attempting to lure users into joining a Whatsapp group. The [...]
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 [...]
Is Facebook about to fall foul of new fraud laws? March 18, 2025 This week the anti-fraud provisions of the Online Safety Act start to become enforceable. This could mean huge fines for social media firms that break the law by carrying fraudulent content. Yet our investigation shows that Facebook is still carrying numerous adverts for investments that might be seen to break the new law, says Andrew [...]
Lloyds Bank urged to release full HBOS review February 17, 2025 Lloyds Banking Group has been told it must publish a “full copy” of the long-delayed report into the mishandling of the HBOS Reading scandal. Dame Meg Hillier, who chairs the Treasury Committee, has backed campaigners’ calls for Lloyds to be transparent in private correspondence obtained by The Times. This follows Lloyds’ pledge to “fulfil any [...]
Crypto fraud surges after Donald Trump’s re-election February 13, 2025 Crypto platforms have been warned the industry is at a “critical juncture” after a Sumsub report showed a spike in fraud cases. The verification platform’s State of the Crypto Industry 2025 said fraud cases were up 48 per cent, with document forgery making up 31 per cent of detected cases in the last year. Following [...]
Fraud watchdog makes arrest in collapsed Arena Television probe December 17, 2024 The Serious Fraud Office (SFO) has arrested a man in connection to its investigation into the collapsed broadcaster Arena Television
Payments regulator in Treasury crosshairs as firms revolt December 16, 2024 As the government hunts for ways to make Britain more competitive, the country's payments regulator has become caught in the crosshairs.
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.