Fraud in UK financial services is expanding across multiple payment touchpoints, giving criminals more channels to exploit, while challenging providers to protect a moving target.
Fraud in UK financial services is expanding across multiple payment touchpoints, giving criminals more channels to exploit, while challenging providers to protect a moving target.
The industry response is reshaping accountability. The 2024 APP Fraud Reimbursement Scheme gave 88% of stolen funds back to victims and helped banks prevent £870 million of unauthorised fraud in H1 2025 – evidence that tougher regulation and smarter tech are materially limiting losses and redefining security as a core value-add.
Looking ahead, the biggest opportunity lies in AI-driven, preemptive safeguards that predict and block scams before transactions clear, turning protection into a differentiating service.
Yet the biggest threat is equally AI-powered: generative tools that create synthetic identities and flawless deep-fake interactions, escalating the cat-and-mouse race between innovators and fraudsters.
Financial security protects consumers from unfair or deceptive practices when they use financial services and products like mortgages, credit cards and loans, aiming to prevent harm, promote financial stability and ensure that financial products meet consumer needs at a fair value. Rules, regulations and practices help ensure fair and responsible treatment of consumers. However, growing digitalisation of financial products has increased the provision of scams and fraud, as well as their complexity. Financial security plays an important role, alongside financial inclusion and financial literacy, in promoting financial stability.
This Report covers consumer’s experiences of fraudulent activities, the consequences of being subjected to fraud, as well as general attitudes to fraud and security, and how the evolving AI-assisted and digitalisation of financial services is impacting upon this.
A list of terms and definitions used in this Report:
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