Fraud is now the most common crime in England and Wales, accounting for more than 40 per cent of all crime against individuals, and with the rise in digital channels, criminals are devising increasingly sophisticated methods to con innocent victims out of their hard-earned cash and savings.

A recent study from Which? Estimated that more than £28k is lost to Authorised Push Payment (APP) fraud alone every 60 minutes, amounting to more than £854 million between July 2019 and June 2021. Of that £854 million, just 42 per cent of losses were returned to the customer, with the financial and emotional toll on victims growing ever more significant.

As a result, banks and financial services providers are under more pressure than ever to adapt their systems and technology to protect customers from a plethora of new scams- or risk losing vital customer trust and market share as customers demand better safeguards and support for victims.

Banks and law enforcement agencies are therefore engaged in a rapidly shifting game of cat and mouse against the fraudsters, who are exploiting the anonymity of digital channels to identify and target the most vulnerable customers and cover their tracks once the money has left the victim’s account, making fraud increasingly difficult to both predict and investigate.

To combat this new wave of scams, many organisations are looking to AI, analytics and biometrics to spot the tell-tale signs of fraud, and step in to support their customers before it is too late. FStech was joined in this webinar by a panel of experts to explore the changing fraud landscape and the ways in which technology can help financial services providers fight back.