UK Finance has published its fraud report for 2024, detailing the amount its members reported as stolen through payment fraud and scams in 2023. The report has highlighted that overall, the amount stolen through payment fraud in 2023 decreased by 4% from 2022 and the amount of unauthorised fraud prevented in 2023 is up by 7%. However losses through payment fraud amounted to £1.17bn and UK Finance has highlighted that fraud remains a major problem for the UK.

UK Finance has published an AI Baseline Guidance review, prepared in collaboration with the Bank of England’s Cross Market Operational Resilience Group (CMORG) AI Taskforce, the City of London Corporation, and the Financial Services Information Sharing and Analysis Centre. The review presents a structured framework for addressing the risks associated with generative AI within the financial services sector. It describes approaches taken by government and regulatory bodies to balance innovation with risk, and it outlines risk management principles alongside technical standards relating to data protection, cybersecurity, and model risk. The review also details considerations for third-party engagements and legal responsibilities, and it emphasises initiatives designed to promote a culture of responsible AI usage and ongoing education. Developed with input from experts across the sector, the guidance offers financial institutions flexible recommendations that can be adapted to their specific operational contexts and risk profiles.

UK Finance has published its annual fraud report. The report shows that criminals stole £1.17bn through fraud in 2024, with unauthorised fraud rising 14% to 3.13m cases. The Payment Systems Regulator's (PSR) new reimbursement rules, introduced in October 2024, achieved 86% reimbursement rates for in-scope authorised push payment fraud in its first quarter. Banks prevented £1.45bn in unauthorised fraud, while investment fraud increased 34% to £144.4m. The report highlights that 70% of fraud cases originated on online platforms.

UK Finance has published an article analysing the impact of the UK National Security and Investment Act 2021 (NSIA 2021) on the mergers and acquisitions (M&A) landscape in the UK. NSIA 2021 creates a new screening regime allowing the UK Government to review certain transactions that may give rise to a risk to national security and potentially prevent or unwind them. The article was written in collaboration between the UK Finance Corporate Finance Committee and Allen & Overy.

UK Finance has published its Half Year Fraud report, highlighting what members have reported as stolen through scams and payment fraud in the first half of 2024. More than £570m has been lost to fraudulent activities, as reported by UK Finance. According to the report, purchase scams remained the leading type of Authorized Push Payment (APP) scam, with 68,409 incidents confirmed, representing 70% of all APP scam cases. UK Finance has also noted that banks prevented £710.9m of unauthorised fraud through advanced security systems.

UK Finance has published a public-facing Sector Response Framework (SRF) summary that provides a clear and concise overview of how the financial sector responds to a systemic incident. Aimed at all audiences, it is a simpler, much shorter version of the SRF setting out what each core group member does, the escalation points and triggers, and the membership criteria for each of the response groups.

UK Finance has published its submission to government ahead of the Chancellor’s Mansion House speech on 15 July 2025 and the launch of the government’s new Financial Services Growth and Competitiveness Strategy. The submission builds on UK Finance’s previously issued Plan for Growth and outlines proposals aimed at supporting the financial services sector’s contribution to the UK’s economic objectives. Key areas highlighted include implementing capital markets reform, clarifying the role of the Financial Ombudsman Service (FOS) and introducing a time limit on complaints, promoting proportionate capital requirements to support growth, and setting a clear direction for open banking and digital payments, including positioning the UK as a leader in tokenisation.

UK Finance has published the third iteration of its Financial Abuse Code which it describes as the central pillar of the banking industry’s support for victim-survivors of domestic abuse. The Code has been updated to take into account the higher consumer protection standards under the Financial Conduct Authority’s Consumer Duty. The updated Code is effective from 30 April 2025.

UK Finance has published an updated Estate Administration Banking Protocol for England and Wales to replace the 2012 version. The protocol provides a single, consistent framework for interactions between financial services firms and Probate Practitioners, setting out the documentation required to confirm death, identify accounts and verify a practitioner’s regulatory status, as well as the information practitioners must supply to demonstrate authority to act. Developed with approved legal regulators and aligned with wider bereavement support requirements, it is intended to ensure probate‑related processes are clear, efficient and sensitive while maintaining appropriate regulatory oversight.

UK Finance has reported that Daniel Adeyeye has been sentenced to six years and six months for fraud offences, as well as receiving a Serious Crime Prevention Order (SCPO) on 29 June 2023. Adeyeye’s fraudulent activities targeted businesses and charities, and centred around email diversion scams, scamming them out of £290,889 in total.

UK Finance has announced the sentencing of former bank employee, Mohamed Jhakir Hussain, and his accomplice, Sebastio Sala, at Inner London Crown Court, following their guilty plea of conspiracy to commit £217k of fraud. The case, investigated by the Dedicated Card and Payment Crime Unit (DCPCU), involved accessing customers' bank accounts and making transfers amounting to £217,133.70. The money was retrieved by the bank and all victims were fully refunded.

UK Finance has announced the sentencing of two former bank employees, Gerald Francis Sarpong and Mohammed Mehboob Uddin, with a combined sentence of 12 years and seven months following their guilty plea of conspiracy to commit £936,565 of fraud. The case was spotted by the bank and investigated by the Dedicated Card and Payment Crime Unit (DCPCU). Following Sarpong’s arrest on 10 July 2018, DCPCU officers completed a search and located a phone with messages sent to Uddin containing customer account information. Officers then executed a search at Uddin’s home address, seizing digital devices, documents and arresting him. The money was fully refunded to all victims by the bank.