UK Finance Annual Fraud Report 2025

Fraud in the UK: A National Security Threat, Not Just a Crime

Fraud in the UK has reached alarming levels—£1.17 billion was stolen in 2024 alone. But the damage isn’t just financial. Victims report loss of confidence, mental health deterioration, and in extreme cases, even loss of life. It’s clear: fraud is not a victimless crime.

A Complex, Evolving Threat

As per the UK Finance Annual Fraud Report 2025, fraud continues to be the most common crime in the UK, driven largely by organised criminal groups. These groups are often linked to broader criminal networks, and in some instances, exploit trafficked individuals in international scam factories.

Even with advancements in banking security, criminals constantly adapt. For instance, as Authorised Push Payment (APP) fraud saw a decline, down 2% in value and 20% in cases, remote purchase fraud surged. This cat-and-mouse dynamic underscores the need for a strategic, system-wide response rather than piecemeal fixes.

Industry Takes the Lead, But More Is Needed

The UK banking and finance industry remains the last line of defence. Through investments in fraud detection and education (like the Take Five to Stop Fraud campaign), the sector has made notable progress. However, other industries—especially online platforms and telecom providers—must also step up. If all sectors contributed equally, the deterrent effect on criminals would be immense.

From Reimbursement to Prevention

While the introduction of mandatory reimbursement rules by the Payment Systems Regulator is a win for consumers, it does little to stop criminals themselves. True protection comes not just from recovering money, but from stopping fraud before it happens.

The Way Forward

UK Finance calls for:

  1. Proactive prevention across tech, telecom, and financial sectors

  2. Better intelligence-sharing between public and private entities

  3. Treating fraud as a national security priority

  4. Educating the public to guard personal data like house keys

Read the full report here.

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