UK Fraud Strategy 2026–29: banks must tackle AI and crypto risk

The UK Fraud Strategy 2026–29 will require banks, fintech firms, telecommunications companies and online platforms to strengthen identity verification, data sharing and fraud controls to address synthetic identities, deepfakes, instant payment exploitation and crypto-related risks. Regulators and industry bodies expect faster information exchange and stronger technical defenses as criminal methods become more automated and cross-channel.

A webinar on June 9 will preview the strategy’s practical implications ahead of the NextGen FinCrime conference in London on July 8. Scheduled speakers include Robert Eastick, director and crypto lead at iSanctuary; Dr Roger Miles, a consulting behavioral analyst; Zaheer Jassat, vice president of product at Zepz; and Teresa Connors as moderator. The session will focus on where threats are rising fastest, notably real-time payments and identity fraud, and the requirements firms will face under the 2026–29 framework.

Organisations are being asked to develop earlier-warning intelligence to detect criminal innovation sooner. Materials prepared for the session note that current data-sharing arrangements lack the speed and level of detail needed to spot new tactics before large losses occur. The materials identify structural vulnerabilities across payment rails, identity systems and online marketplaces, and operational gaps between banks, fintechs, telcos and platforms that slow detection and intervention.

The strategy highlights increased use of AI-generated identities, deepfakes and real-time manipulation by criminals to bypass legacy controls. It recommends wider deployment of predictive analytics, behavioral biometrics, tokenization and cloud-native fraud platforms to improve detection across account onboarding, transaction monitoring and customer authentication without causing excessive friction for users.

Instant payments are flagged as a particular area of concern. Faster payment rails shorten the time available for banks and payment providers to detect and stop fraud. The strategy sets expectations for enhanced governance, updated controls and targeted technology investment to secure instant transactions while preserving speed and convenience.

Emerging risks in digital assets and decentralized finance are being brought into mainstream anti-money laundering and fraud frameworks. The materials describe intersections between crypto market behavior, DeFi protocols and traditional payment flows that can create new channels for criminal finance. The strategy also notes quantum-accelerated threats as a longer-term risk to cryptographic protections and urges firms to include such scenarios in resilience planning.

Background analysis for the webinar describes fraud as increasingly connected across channels and actors, making single-firm detection insufficient for many schemes. The strategy adopts a system-wide approach aimed at improving cross-sector collaboration, intelligence sharing and regulatory expectations so interventions can occur earlier and at scale. The webinar is presented as a preparatory briefing for professionals responsible for fraud, security, compliance and digital strategy on immediate priorities and likely technical and governance investments under the 2026–29 plan.