Around 40% of all crime in the U.K. is fraud, making it a huge problem for banks and consumers. U.K. banks lost £1.17 billion to fraud in 2024, while taxpayers lost between £55 billion and £81 billion to fraud and error in the financial year 2023 to 24. “The scale of the problem is massive,” warns Ted Datta, head of industry practice for financial crime compliance at Moody’s. He says, ”We are living through an era of exponential risk with a sharp rise in digital fraud.”
