UK payment fraud rises 4% to £1.28bn as banking body blames tech platforms for profiting from scams
23d ago· 1 min readenNews
Summary
UK Finance reports a 4% rise in payment fraud theft to £1.28bn in the UK last year, calling it a national security threat accelerated by AI. The banking body criticizes tech platforms like Facebook Marketplace, Instagram, and TikTok for financially benefiting from fraudulent advertising and demands stronger regulatory responsibilities for social media companies. Banks are investing in quantum analytics and AI to counter increasingly sophisticated AI-driven scams.
Source
bskyUK payment fraud rises 4% to £1.28bn as banking body blames tech platforms for profiting from scamsbriefly.coKey quotes
· 5 pulledUK Finance reported a 4% increase in payment fraud theft, totaling £1.28bn in the UK last year.
The banking industry body described payment fraud as a national security threat accelerated by artificial intelligence.
Ruth Ray, managing director of economic crime at UK Finance, said tech platforms financially benefit from fraudulent advertising and called for stronger, enforceable responsibilities for social media companies.
She cited Facebook Marketplace, Instagram, and TikTok as places where criminals target victims at scale.
UK Finance said its member banks are investing in technology, including quantum analytics and AI, to counter fraud and reduce AI-driven scam sophistication.
UK Finance reported a 4% increase in payment fraud theft, totaling £1.28bn in the UK last year. The banking industry body described payment fraud as a national security threat accelerated by artificial intelligence. Ruth Ray, managing director of economic
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