Press statement

Which? responds to UK Finance's 2026 Fraud Report

2 min read

Rocio Concha, Which? Director of Policy and Advocacy, said: 

“These figures show fraudsters are thriving online, making millions thanks to shocking increases in bank transfer scams and investment fraud.

“Advances in AI have made scams more sophisticated than ever, but tech giants like Meta are still allowing fraudsters to run rampant on their platforms while consumers pay for their complacency. The sharp increase in authorised push payments, particularly for transfers within the same bank and international transfers which are not covered by the mandatory reimbursement scheme, highlights the growing sophistication of AI-driven scams as more consumers are successfully tricked into making payments.


“Ministers should ensure that Ofcom stops kicking the can down the road and makes it an immediate priority to enforce the fraud provisions under the Online Safety Act. Only then will tech giants have a serious deterrent against profiting from fraud on their platforms.”

-ENDS-

Notes to Editors:

  • The largest year-on-year increases for APP fraud were for intra-bank transfers (which saw an increase of 269% in the number of cases compared to the previous year) and international transfers (up 106%) - both of which fall outside the Payment Systems Regulator's reimbursement scheme. 
  • Which? believes that platforms should be legally obligated to protect their users from scam advertising under the Online Safety Act, but implementation of the codes of practice for paid-for fraudulent advertising has been repeatedly delayed - leaving consumers unprotected until 2027 at the earliest.
  • Which? is calling on the government to make Ofcom take action by urgently implementing robust codes of practice for the Online Safety Act’s measures on fraudulent advertising.