The Fraud Minister, Lord Hanson announced the update at the Financial Crime 360 Conference.
Key insights include:
➡️ Strategy Focus: The strategy, originally expected by the end of 2025, will outline new protections for businesses and consumers against scams, with a focus on stronger collaboration between government, financial services, telecoms, and tech platforms;
➡️ Technology Integration: It is expected to emphasise the use of artificial intelligence (AI) and data-driven technology to detect and prevent fraud;
➡️ Big Tech Responsibility: Debate continues over whether Big Tech firms should contribute financially to fraud prevention efforts, as most authorised push payment (APP) scams originate on social media and messaging platforms; and
➡️ Rising Fraud Costs: Banks refunded £159 million to victims in the first half of 2025 under the new reimbursement rules, a 24% increase year-on-year, highlighting the growing fraud threat.
✅ Firms should monitor forthcoming policy announcements and prepare for potential shared responsibilities in scam prevention, particularly regarding technology collaboration and customer protection.