UK fraud down but remains a national security threat, say banks

British banking trade association UK Finance is warning that "the level of fraud in the UK has reached a point where it must be considered a national security threat". In its '2022 half year fraud update', it says that despite spending billions on fraud prevention, "the banking sector cannot solve this on its own".

By Sara Lewis

British banking trade association UK Finance is warning that "the level of fraud in the UK has reached a point where it must be considered a national security threat". In its '2022 half year fraud update' [1], it says that despite spending billions on fraud prevention, "the banking sector cannot solve this on its own".