I just got a copy of the Payments Association’s Financial Crime Report. Here’s a quick summary:
About this research
- The Payments Association surveyed 163 financial crime professionals from 33 countries, primarily UK-based (66%).
- Participants included senior decision-makers like CEOs and compliance heads from banks and fintech companies.
Challenge Landscape
- 72% identify fraud as the biggest challenge, surpassing anti-money laundering (36%) and regulatory issues (31%).
- 58% worry about AI-enabled financial crime, with 64% fearing identity deepfakes (the focus of my next new book!).
Technology Investment Surge
- 39% plan to invest in digital identity verification systems.
- 60% prioritize cloud infrastructure investment, and 53% focus on AI solutions.
Fraud Reality Impact Response
- 22% report Authorized Push Payment (APP) fraud as the most damaging type.
- Organizations primarily respond by implementing bank limits (60%).
Financial Investment
- 44% spend £50,000-£500,000 annually on financial crime prevention.
- 54% cite regulatory enforcement as a key driver for technology investments.
Technology Readiness
- 63% believe current fraud technology is fit for purpose, while 37% are dissatisfied.
- AI/ML systems have an average readiness score of 2.49/5.0.
Industry Performance
- Overall industry performance rated at 49/100, indicating dissatisfaction with effectiveness against financial crime.
- 54% consider UK fraud regulation adequate, while 46% believe it needs updates.
Customer Education
- Only 35% of organizations have customer education programs, the lowest among fraud management strategies.
- 36% suggest innovative social media education methods for better customer awareness.
Industry Outlook
- 50% express a positive outlook on the industry's ability to combat economic crime.
- 22% cite regulatory obstacles as a reason for cautious optimism.
Information Sources
- 73% rely on industry media for fraud trends, while 67% use industry reports for analysis.
- 28% have specific requests from technology vendors, with 23% wanting better AI capabilities.
You can download the research here: https://thepaymentsassociation.org/site/financial-crime-360/financial-crime-360-survey-findings-infographic-and-report-2025/
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...