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Our Annual Fraud report, sponsored by LexisNexis Risk Solutions, highlights that last year the banking and finance industry continues to work to protect customers from fraud and to go after the criminals behind it.
While the industry prevented £1.4 billion of unauthorised fraud, criminals continued to take advantage of the pandemic last year by impersonating a range of organisations to commit fraud, with over £1.3 billion stolen by criminals through authorised and unauthorised fraud in 2021.
Given that much of the fraud is initiated from criminal activity taking place through online and technology platforms, UK Finance and its members have long-been calling for greater cross-sector action to tackle the problem and will continue working with the government on upcoming legislation in this area.
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