UK Finance's latest Annual Fraud Report published recently makes for frightening reading. Compiled from banking data, it is the most comprehensive assessment of fraud losses in the UK. 

Enormous losses

The report highlights that scammers stole almost £1.3 billion in 2025.

A total of 4.1 million cases of fraud in which money was stolen last year were reported - up 11% on a year earlier, and a 31% rise on 2023. This is an increase of more than 1 million in 2 years.

Authorised Push Payment (APP) fraud, where victims are persuaded to transfer money themselves, increased sharply with losses climbing 19% to £576.4 million.

And purchase scams, in which criminals use stolen card details to buy something online, were also up to new record levels.

Given most APP fraud still starts via online tech platforms or via telecoms, we urgently need stronger, enforceable responsibilities to be placed on these sectors. This is the way to reduce the harm and stop criminals and tech companies profiting from these devastating crimes.

Ruth Ray, managing director of economic crime at UK Finance

Enhanced sophistication

Losses to increasingly elaborate investment scams involving gold, cryptocurrencies and wine soared by 40% in the past year to a new record high of £221.5 million.

New technologies are allowing fraudsters to come up with more polished schemes. Artifical intelligence (AI), in particular, is helping criminals to engage in sophisticated fraud at greater volume.

UK banks reported almost 15,000 investment scams in 2025 as criminals use artificial intelligence to dupe people out of their money through fake investments or ficticious funds.

AI is making that easier because it allows you to make all of your communications more sophisticated. It allows you to spin up websites quickly and easily to make your business look legitimate when it may be otherwise.

Ruth Ray, managing director of economic crime at UK Finance

Make the right choice

When it comes to making international online money transfers from the UK always choose a provider who will ensure your funds are appropriately safeguarded and who will vigorously enforce the regulations put in place to prevent financial crime.

UK based businesses, charities and individuals have trusted GlobalWebPay to make cross-border payments on their behalf since 2010.

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