Foreword: Fighting an industrial economy of fraud

Fraud is now the most prevalent crime in Britain. Criminals are exploiting technology, particularly AI, with increasing agility, and the findings in this report reinforce what many of us are seeing across the payments sector: despite good intentions and significant investment, our collective response is struggling to keep pace.

The survey highlights several familiar challenges. Organisations are investing in AI-enabled fraud prevention, but practical guidance on using AI defensively is still evolving. The need for better cross-sector data sharing remains clear, yet too often valuable intelligence remains fragmented. Combined with an industry-wide skills gap, these pressures create operational uncertainty at precisely the time firms need greater confidence to act.

The response is beginning to accelerate. In March 2026, the UK Government published its Fraud Strategy 2026–2029, followed by the launch of the Online Crime Centre in April as a public-private intelligence hub bringing together law enforcement, government, financial institutions and technology providers. These are important steps forward, but their success will depend on effective collaboration across the wider ecosystem. Criminals already operate as connected networks; our response must be just as coordinated.

Scams are no longer isolated criminal acts. They have become an industrial economy, organised globally and constantly seeking out new vulnerabilities. Tackling them will require more than better technology. It will require practical guidance, stronger partnerships and the confidence to share intelligence across organisations and sectors. That is the challenge this report explores, and one The Payments Association is committed to addressing alongside its members. —Jane Jee, TPA Ambassador, Financial crime working group lead.