Public-private partnerships (PPPs) are becoming a cornerstone in the UK’s fight against financial crime. With fraud schemes growing in scale and sophistication, these collaborations unite banks, FinTechs, credit providers, technology companies, and government bodies to combat scams and protect both businesses and consumers.
According to Moody’s, fraud takes a heavy toll on public and private sectors, as well as on individuals across society. Beyond financial losses—estimated to surpass $1tn annually worldwide—victims often face reputational harm, emotional trauma, and even violations of personal freedoms.
For instance, sextortion scams have surged dramatically, with the UK’s National Crime Agency (NCA) issuing warnings after the US National Center for Missing & Exploited Children revealed global cases more than doubled in 2023 to 26,718, up from 10,731 in the previous year.
This trend reflects a broader escalation in fraud risks. Moody’s database recorded 1,193 new entities tied to romance scams in 2024, a 14% jump from 2023. The US accounted for 38% of these cases, followed by Nigeria (14%), India (12%), and the UK (11%). Overall, the NCA reported 3.9m incidents of fraud in England and Wales in the year ending September 2024—a 19% annual increase—making it the most widespread crime affecting individuals in both nations.
Many scams exploit emerging technologies. Fraudsters are increasingly using artificial intelligence (AI) and deepfakes to forge identities, set up fake accounts, and deceive individuals or institutions into transferring funds or divulging sensitive data. These tactics complicate traditional due diligence methods, as synthetic media and fabricated profiles can slip through manual and automated checks alike.
The UK government is responding with stronger regulations. In July 2025, it released updates to the Independent Review of Disclosure and Fraud Offences, proposing stricter sentencing rules and expanded PPPs to tackle internet-enabled scams and improve law enforcement capabilities.
Meanwhile, technology is also strengthening defences. Initiatives such as the Centre for Finance, Innovation and Technology (CFIT) aim to bolster fraud prevention by validating the legitimacy of businesses using financial services. The National Fraud Initiative (NFI) provides a clear example of success, detecting and preventing £510m in fraud and error between April 2022 and March 2024—its best result on record.
Advanced AI-driven screening tools, automated risk management systems, and integrated global data platforms now underpin fraud prevention strategies. By processing vast datasets, these systems can pinpoint suspicious transactions, detect behavioural red flags, and reduce false positives in risk assessments.
As fraudsters continue evolving, collaboration remains essential. Through public-private alliances, industry partnerships, and regulatory reforms, governments and businesses are building stronger, smarter defences to safeguard revenues, reputations, and public trust.
Copyright © 2025 RegTech Analyst
Copyright © 2018 RegTech Analyst
