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\t\tUK Finance estimates its members now spend\u00a0\u00a338bn a year\u00a0on compliance\t<\/p>\n
UK Finance has delivered its most forceful warning yet to the world\u2019s biggest tech platforms, with chief executive David Postings calling on Silicon Valley to \u201cgrasp the scale of the crisis\u201d and do far more to stop fraud spreading across their networks.<\/p>\n
Speaking at the Economic Crime Congress 2025,<\/a> Postings said the UK is now facing an epidemic of financial crime that no single sector can contain.<\/p>\n And while banks are spending more than ever on compliance, enforcement and intelligence, the majority of fraud still begins on social media and telecoms platforms, not in the banking system itself.<\/p>\n \u201cThe fight against economic crime is a team effort,\u201d Postings said. \u201cIndustry, government, regulators, civil society and law enforcement all have a role. But some sectors are simply not pulling their weight.\u201d<\/p>\n Fraud now accounts for more than 40 per cent of all crime in the UK, with criminals stealing\u00a0\u00a3629.3m in the first half of 2025\u00a0alone, a three per cent rise on last year.<\/p>\n More than\u00a0two million\u00a0cases were recorded over the same period, a 17 per cent jump.<\/p>\n Yet, despite the ballooning scale of the problem, banks remain the only part of the chain legally required to reimburse victims of so-called APP fraud, where customers are tricked into sending payments to criminals.<\/p>\n Postings called that approach \u201clike asking your goalkeeper to save every shot because the outfield players are asleep\u201d.<\/p>\n UK Finance estimates its members now spend\u00a0\u00a338bn a year\u00a0on compliance, costs largely driven by money laundering regulations.<\/p>\n \t\t\t\t\tRead more<\/p>\n