UK Fraud Strategy 2026-29: Banks, Fintechs, Platforms

A webinar on 9 June previewed the UK Fraud Strategy 2026-29 and called on banks, fintechs, telcos and online platforms to adopt early-warning intelligence, speed up data sharing and strengthen identity controls. The online session included industry and government participants and featured Robert Eastick of iSanctuary, Dr Roger Miles, Sandra Blaga of Swift and Megan Jenkins of Innovate Finance. Teresa Connors moderated.

Panelists outlined that the forthcoming strategy will require a system-wide response to organised fraud and focus on preventing harm earlier by analysing payment flows, digital identity signals, crypto markets and online behaviour so industry and law enforcement can act before losses escalate.

Speakers argued criminals are exploiting real-time payments, synthetic identities and AI tools such as deepfakes to automate and scale attacks. They added that legacy controls built for slower, isolated incidents are not equipped to detect or disrupt cross-channel schemes executed rapidly.

Participants identified shortcomings in current data-sharing arrangements. They pointed to fragmented data across banks, fintechs and platforms, differing legal and privacy regimes and inconsistent technical standards that slow intelligence exchange and delay detection.

To close those gaps, panelists recommended wider use of predictive analytics, behavioural biometrics, tokenisation and cloud-native fraud platforms capable of processing streaming data in near real time. They also urged upgrading identity systems to detect synthetic IDs and AI-driven impersonation by combining device, behavioural and transactional signals instead of relying on static documents.

Discussion covered the balance between securing instant payment rails and preserving customer experience and growth. They argued stronger governance, clearer accountability for fraud prevention across sectors and investment in resilient controls are needed so rapid payments can scale without raising loss exposure. Panelists encouraged firms to create faster escalation paths to law enforcement and join cross-industry threat exchanges.

Panelists highlighted intersections between anti-money-laundering obligations and risks from digital assets, decentralised finance and advances such as quantum computing. They noted DeFi platforms and crypto markets can create novel laundering pathways that link quickly to traditional banking channels and that future quantum advances could threaten current cryptographic protections.

Organisations were urged to map where their products and services touch instant payments and crypto flows, stress-test identity controls against synthetic and AI-augmented attacks, and build mechanisms to share structured, machine-readable intelligence with partners and authorities. Speakers framed those steps as prerequisites for meeting expectations the strategy will place on firms across banking, fintech, telecommunications and online platforms.

The webinar served as a preview for further discussions at NextGen FinCrime on 8 July in London, where identity, AI-driven prevention and crypto risks will be explored in greater detail.