UK fraud survey finds broad support for cross-sector action

Finextra has released survey findings showing that UK financial-crime professionals see fraud risks spreading across channels, while 95% of respondents support the UK Fraud Strategy’s push for cross-sector collaboration. The report, based on responses from 187 senior industry participants, points to rising pressure on banks, digital platforms, telecoms groups, civil society and law enforcement as scams become more varied and technology-led.

The findings were presented at the “Industry Pulse Check” session at NextGen FinCrime 2026 by Madhvi Sonia, Finextra’s vice-president of content. Finextra said its report, “Turning the Tide on UK Financial Crime: Dirty Money to Clean Systems,” examines views across government, financial services, civil society, telecommunications, online and digital platform providers, and law enforcement.

Finextra said email fraud and identity theft remain the leading concerns among respondents. Payment fraud and scams using deepfake technology are also gaining prominence, according to the survey. The report said sentiment across sectors was broadly aligned, though each sector showed different areas of emphasis.

The survey frames the problem as one of simultaneous pressure rather than isolated attack types. Finextra said organisations are no longer addressing one fraud method at a time, increasing the value of adaptability in financial-crime controls.

Collaboration and control gaps

The clearest point of agreement in the survey was collaboration. Finextra said 95% of respondents backed the UK Fraud Strategy’s call for closer work between sectors, with the strongest support coming from financial services and law enforcement.

Such collaboration can include sharing risk signals, aligning response processes and coordinating action where fraud crosses institutional boundaries. Finextra did not state that these structures are already in place at scale. It said the challenge is to turn broad support into practical arrangements and coordinated action.

The report also identifies human behaviour and access controls as persistent areas of exposure. Finextra said phishing and business email compromise, credential theft, weak authentication and insider fraud remain among the most common ways criminals gain entry.

Those methods typically work by exploiting trust or access rather than breaking technical defences directly. A phishing email may persuade an employee or customer to disclose credentials, while weak authentication can make stolen credentials easier to use. Insider fraud involves misuse of authorised access by someone within an organisation.

Technology cuts both ways

Respondents viewed strong authentication and real-time, AI-driven fraud detection as among the most effective financial-crime tools, according to Finextra. The survey also found that 94% of respondents are either already using data-driven approaches or actively planning to do so within three years.

Real-time detection systems assess transactions or interactions as they occur, using data patterns to identify suspicious behaviour before funds move or accounts are compromised. Strong authentication adds checks that make it harder for criminals to rely only on stolen passwords or account details.

Finextra said respondents also identified new risks created by technology and faster payments. Civil society respondents led concerns about increased vulnerabilities from instant payments. Online and digital platform providers, together with financial services respondents, led concerns about over-reliance on artificial intelligence. Online and digital platform providers also led concerns that innovation is advancing faster than the controls designed to govern it.

On compliance, Finextra said most organisations believe they are meeting or moving towards expectations set by the Financial Action Task Force, with financial services leading that view. Few respondents reported that they were struggling to keep pace, though many cited operational complexity and a need for greater standardisation.

The survey places the UK fraud challenge at the intersection of faster payment flows, broader digital activity and uneven cross-sector coordination. Finextra’s findings suggest that industry participants see common cause on collaboration, while still facing execution questions around data, governance and control design.

This story draws on original reporting from Finextra Research.