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In advocating an ambitious, cross-sectoral fraud strategy, the group of consumer, industry and civil society organisations highlighted the variety of criminal threats and identified areas where intervention could be most effective.
The broad coalition warned that sustained criminal attacks on individuals and businesses are eroding economic growth, public services and living standards.
In a letter sent to Home Office Minister of State Lord Hanson on October 6, the signatories – UK Finance, Innovate Finance, Which, Victim Support, Cifas, the Fraud Advisory Panel and the RUSI Centre for Finance and Security – called for an ambitious and cross-sectoral fraud strategy.
They identified issues such as authorised push payment (APP) fraud and recommended action that tackles the problem in a comprehensive and coordinated way.
The coalition said that fraud, which now accounts for 41 percent of all crime, is costing the UK economy an estimated £219bn a year.
The signatories added that the latest Crime Survey for England and Wales recorded 4.2m fraud incidents in the year to March 2025, a 31 percent increase on the previous year and well above the government’s fraud reduction targets.
The organisations, representing financial and payments players including Visa and Mastercard as well as fintechs such as Wise and Revolut, warned that successive governments have failed to respond adequately to the escalating problem.
“We do not accept that the sustained attacks by organised crime against UK citizens and businesses are an inevitability,” the letter says.
Key demands
The group is calling for the government’s new fraud strategy to prioritise stronger central leadership, with the fraud minister coordinating a whole-of-government response and reporting annually to Parliament on progress against reduction targets.
It also wants tougher measures to tackle online fraud, urging the government to ensure there are no further delays to Ofcom’s implementation of fraudulent advertising duties under the Online Safety Act. In addition, the letter recommends that the government legislate to bring online advertising intermediaries outside the scope of the act within a formal regulatory framework.
Improved data and intelligence sharing between the public and private sectors is another demand, with the coalition calling for a unified approach led by the fraud minister and for the publication of outcomes data to assess progress. It also pressed for greater investment and coordination in fraud enforcement, arguing that the crime has been under-prioritised within policing for decades. It recommends that investigators be given access to the same tools and resources used to combat other forms of serious and organised crime.
The letter also called for long-term funding for independent victim support services and better fraud education for children, warning that young people face increasing threats from online scams and financial exploitation.
“We look forward to supporting you and your officials in the run up to the Strategy’s publication,” the letter signs off.
A sign of failure
The last two UK governments have sought to modernise the UK approach to fraud prevention, particularly in response to the growing prevalence of APP scams.
A key issue has been the lack of accountability from online platforms in the fraud ecosystem, something that trade associations such as UK Finance and consumer groups such as Which have consistently highlighted.
Oversight of the big tech firms who own the platforms on which fraud often originates remains relatively light touch, certainly in comparison to the APP scam reimbursement scheme. This is overseen by the Payment Systems Regulator (PSR), and requires payment service providers (PSPs) to reimburse up to £85,000 to fraud victims.
For example, the Online Fraud Charter has so far struggled to deliver meaningful results, largely because it is a voluntary agreement with no legal enforcement. Signatories face no binding penalties if they fail to meet their commitments, meaning participation can be treated as optional rather than a regulatory requirement.
Progress has also been hampered by a lack of transparency and measurable outcomes. The charter does not include clear performance metrics or published benchmarks, making it difficult to track whether participating companies are reducing fraud or simply maintaining the status quo.
Despite the charter, scams remain widespread on the platforms that signed up to it. Until the charter is backed by enforceable rules and extended coverage, its impact on online fraud will remain limited.
Prioritising the fight against fraud
The letter highlights clear challenges in the UK’s ongoing battle against fraud and suggests ways to strengthen accountability, allocate resources and enforce responsibility across sectors.
If the government adopts its proposals, it could signal a shift away from fragmented measures towards a coordinated security-led national approach, where fraud is treated with the same urgency as other forms of serious crime.
A more robust fraud strategy could drive structural change in the digital economy. Placing binding obligations on online platforms, strengthening intelligence sharing, and elevating ministerial leadership might not only help to restore public trust and economic resilience, but also sharpen the UK’s competitive edge as a safe and secure digital marketplace.
Conversely, continued failure to act decisively would leave systemic vulnerabilities untouched, reinforcing the perception of fraud as an unmanageable cost of doing business.
The government’s response will provide a clear indication of its political will to act and its commitment to boosting institutional coordination in the face of escalating economic crime.
