Trend Fraud and illicit finance threat growing with AI-enabled scams

Summary

The report defines fraud as criminal deception aimed at financial or personal gain, and illicit finance as the movement of money that is unlawful in its source, transfer or use. The threat these pose to individuals, organisations, public bodies and the government keeps growing. The most common types of fraud in the UK are payment diversion, investment, romance, courier and bank account fraud. The internet has widened fraudsters' opportunities through larger digital footprints and anonymity, and advances such as AI have made their scams more sophisticated. The report also sees people less confident with technology being targeted as financial services move online, and London's standing as a global financial centre making it a prime target for laundering and sanctions evasion.