The latest Annual Fraud Report from UK Finance highlights £1.28bn reported as stolen through payment fraud in 2025 – up 4% from last year. 66% of APP frauds start online and 17% though telecoms networks.
UK Finance wants to see stronger requirements on high-risk platforms that Ofcom would have to impose. a requirement on online marketplaces to verify sellers and use secure payment mechanisms, and for firms in the tech and telecoms sectors to have to contribute financially and through collaboration to support proactive fraud prevention.