The head of UK Finance has issued a stark warning to the world's largest technology companies, demanding they take urgent action to stem the UK's escalating fraud epidemic. Speaking at the Economic Crime Congress 2025, Chief Executive David Postings told Silicon Valley firms they must "grasp the scale of the crisis" and significantly increase efforts to prevent scams on their platforms.
The Scale of the Crisis: A £629m Epidemic
Postings framed the situation as an overwhelming wave of financial crime that no single industry can tackle alone. The latest figures paint a grim picture: fraud now accounts for over 40% of all crime in the UK. In just the first six months of 2025, criminals stole £629.3 million, marking a 3% increase from the previous year. The number of cases recorded soared to more than two million, a dramatic 17% jump.
Despite banks investing unprecedented sums in defence, Postings highlighted a critical imbalance. The vast majority of fraud, particularly Authorised Push Payment (APP) scams where people are tricked into sending money directly to criminals, originates on social media and telecommunications networks. 66% of APP fraud starts online, with a further 17% initiated via telecoms. "The fight against economic crime is a team effort," Postings stated. "But some sectors are simply not pulling their weight."
Banks Left as the 'Goalkeeper' Footing a £38bn Bill
Postings used a powerful analogy to criticise the current system, where banks are legally on the hook to reimburse APP fraud victims. He described it as "like asking your goalkeeper to save every shot because the outfield players are asleep." This responsibility comes at a colossal cost. UK Finance estimates its member banks now spend a staggering £38 billion annually on compliance, a figure heavily driven by anti-money laundering regulations.
While he welcomed Treasury plans to modernise some rules, Postings warned that new burdens, like the Public Authorities Fraud, Error and Recovery Act, risk diverting bank resources into policing benefits fraud. This, he argued, detracts from targeting the sophisticated organised crime networks behind the surge in economic crime. "We need a system focused on the largest risks and threats," he said, aligning this with the Chancellor's competitiveness agenda.
Progress and the Path Forward
There have been some successes in the fightback. The police-led Dedicated Card and Payment Crime Unit prevented over £75 million in thefts this year and disrupted 120 organised crime groups, a record number. Furthermore, the long-running Banking Protocol, which connects bank staff directly with police, has stopped £400 million in fraud since its launch.
However, Postings was unequivocal about where the focus must now lie: prevention at the source. With most fraud originating on tech and telecom platforms, he insisted efforts must begin where criminals operate, not at the moment a bank transfer is made. His warning carried grave weight: "This cannot remain something we would merely like to see because it is fair. It is a national security issue." The message to Big Tech is clear: the UK's financial integrity demands their full participation in the battle.
