Banks and Tech Giants Unite to Fight UK Fraud Surge

A trio of major announcements this month underscores a growing sense of urgency around financial fraud in the UK, signaling that banks and tech companies are now joining forces to tackle what many are calling a national crisis.

Santander, one of the UK‘s leading banks, revealed that its customers lost a staggering £18.4 million to scammers in just the first quarter of 2025. This announcement came as part of the bank’s launch of its first-ever Quarterly Scamtracker report, a move that underscores the growing importance of transparency in fighting fraud.

To put this into perspective, these losses are from a single institution operating in just one country. When expanded across all banks and digital platforms, the numbers balloon to worrying levels. According to the Global Anti-Scam Alliance, scams in the UK cost the economy a massive £11.4 billion in 2024 alone — nearly 0.4% of the countrys GDP. The average individual loss? £1,443.

UK Finance further adds that over £1 billion was lost to fraud in 2023. A shocking 40% of all reported UK crimes now involve scams or fraudulent activity, with over three-quarters of authorized push payment (APP) scams originating online. Another 16% begin through telecommunications networks.

A Joint Stand Against Scams

Santanders move to regularly publish scam data is just one part of a much broader campaign. In a powerful display of unity, several major players in finance and technology — including HSBC, NatWest, Monzo, Lloyds Bank, Amazon, Meta, Google, BT, and Three — have signed a joint statement through Stop Scams UK, committing to share real-time data and work together to stop scammers.

“Fraudsters jump across channels to trap their victims, but most organizations cant connect the dots to stop them in time,” said a representative from Stop Scams UK. “By pooling intelligence and simplifying consumer warnings, we can stay ahead of evolving threats.”

Despite these efforts, public reporting of fraud remains low. The Global Anti-Scam Alliance revealed that 71% of victims in the UK chose not to report their scam experiences in 2024 — an increase from previous years. Of those that did, shopping scams and investment scams were the most common, often conducted through credit cards, bank transfers, and online payment platforms.

Tech to the Rescue

While banks have tightened security and stepped up customer education, much of the scam activity originates from social platforms and digital messaging apps. Thats why tech firms are now in the spotlight. Their role in both enabling and now helping to prevent scams is growing rapidly.

In a recent call to action, the fintech trade group Innovate Finance urged the UK government to establish a national fraud-fighting center to unify efforts across sectors. CEO Janine Hirt emphasized the gap between the scale of fraud and the resources allocated to fight it. “Fraud makes up over 40% of all crime but gets less than 1% of police attention,” she noted. “Its time we matched our response to the threat.”

Frauds Heavy Economic Toll

The cost of fraud extends beyond individuals — it impacts the entire economy. Innovate Finance estimates payment fraud drains at least £1.2 billion a year from the UK economy.

From a banking perspective, the challenge is double-edged. When customers are scammed, banks often have to reimburse them — even if the banks themselves aren‘t at fault. A UK banking IT professional, speaking anonymously, explained: “We’re in a bind. The losses are beyond our control, stemming from customer decisions and behavior. We have to step in with education and early detection before the fraud happens.”

This makes partnerships with online platforms essential. According to the same source, recent updates in banks' anti-scam policies and the use of digital warnings during transactions reflect a growing seriousness toward combating scams.

AI vs. Fraud: A New Hope

Among the most innovative responses is Metro Banks new AI-powered tool, Ask Silver. This tool helps users identify scams in real-time. Customers simply take a screenshot or photo of any suspicious content — like a dodgy email or website — and send it via WhatsApp. Within minutes, the AI reviews the content and flags potential fraud, offering advice on what to do next.

“Criminals often pressure people into acting quickly,” said Baz Thompson, Metro Banks Head of Fraud. “Being able to verify a scam instantly gives people time to pause and make safer choices.”

The Road Ahead

While the battle against fraud is far from over, the tone has shifted. What was once a disjointed effort among isolated entities is evolving into a collective campaign driven by cooperation, technology, and transparency.

For consumers, this means more tools, better information, and stronger protections. For banks and tech platforms, it means taking shared responsibility for a complex, borderless crime thats costing billions. As Janine Hirt rightly put it, beating scams requires a strategy as bold and connected as the criminals behind them.

Takeaway Tips for Consumers:

• Be skeptical of urgent payment requests or offers that seem too good to be true.
• Verify sellers, links, and messages — especially those from unknown numbers or social media ads.
• Use tools like Metro Banks Ask Silver or contact your bank if you're unsure.
• Report fraud — even if its minor. Your report could protect others.

Fraud isnt going away overnight, but thanks to growing cooperation between banks and tech companies, the tide may finally be turning.