Fraud remains a persistent threat for businesses of all sizes, with the trade association UK Finance estimating that over £1.1bn was lost to fraud in the UK alone in 2024. Financial services firms are a particularly attractive target, given the opportunity for significant monetary gain.
To put this into context, Q1 of 2024 saw 8,374 consumers lodge complaints about fraud and scams, of which over half were in relation to customer approved online bank transfers. These types of scams that often involve convincing social engineering and AI-generated content, which manipulate people into sharing confidential information, are becoming harder to spot- even for experienced professionals.
