Financial losses from scams hit £1.3 billion a year

18 Jun 2026

Cases of fraud in the UK have surged, with almost £1.3 billion stolen by scammers in 2025, according to UK Finance.

More than four million cases in which money was lost were reported last year, the banking trade group said.

The total has increased by more than one million in two years with nearly eight scams reported on average every minute.

The problem could only be tackled if tech companies stepped up monitoring and security of their platforms, UK Finance said.

Ruth Ray, Managing Director of Economic Crime at UK Finance, said: 'Fraud operates on an industrial scale, harming people, businesses and the UK economy, typically funding serious and organised crime in the UK and globally.

'The financial sector invests huge amounts in protecting customers, but we cannot be the only line of defence. Almost £1.3 billion was stolen again last year and it is clear we are not tackling the underlying problem effectively enough. 

'Given most authorised push payment 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.'