AI-powered RiskOps platform Feedzai has partnered with UK Finance to serve as the lead sponsor and contributor for the annual fraud report.  

UK Finance is the trade association that represents the banking and financial services sector in the UK. 

The 2024 edition will delve into the prevalent fraud trends and the banking and finance industry’s efforts to safeguard consumers against fraud and financial crime in the UK. 

The report will combine data from several of the association’s largest banking and financial services members with Feedzai’s expertise in the sector.  

This partnership aims to shed light on the number of fraud cases and the financial impact of fraud losses within the UK.  

Furthermore, Feedzai will offer an in-depth analysis of emerging fraud trends and the frequency of specific types of fraud.  

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The insights provided by this report are expected to be crucial for understanding the evolving landscape of financial crime and for developing strategies to combat it effectively.  

The report is set to be published later in 2024. 

UK Finance director of economic insight and research Lee Hopley said: “Our Annual Fraud report highlights the ever-growing issue of financial fraud and we are looking forward to continuing our partnership with Feedzai for a second year.  

“Our Annual Fraud Report is a key marker in evaluating the ongoing fight against financial crime and Feedzai’s industry knowledge and additional insight will be a valuable asset to the report, making it a valuable resource for the industry.”   

Feedzai chief product officer Pedro Barata said: “With financial crime evolving every single second, minute, and hour of the day, the report is a valued resource for all professionals in the banking and financial services industry looking to obtain a 360° view of the fraud environment.”

In related news from the UK’s financial services industry, the Treasury Committee has disclosed that over the past year, major UK banks have closed more than 140,000 accounts belonging to small businesses. 

The banks involved, including Barclays, HSBC, TSB, Lloyds, Santander, NatWest, Metro, and Handelsbanken, cited several reasons for these closures.  

Among them were the banks’ risk appetite, concerns over financial fraud, and challenges associated with information sharing.