UK Finance Chief Executive David Postings shared key insights at the Economic Crime Congress 2025. The session included key perspectives from Lord Hanson and have viewpoints shared during sessions involving Marcus Wogart, Rachel Herbert, James Babbage, Mike Regnier, Michelle Haslem and Tracy Paradise.
David Postings of UK Finance stated that the fight against Economic Crime is a team effort “across industry, government, regulators, the media, civil society, and law enforcement.”
He added that the industry invests a huge amount in “protecting the public from Economic Crime in all its forms.”
Postings also mentioned that protecting customers has “always been one of our highest priorities, and it always will be.”
They further explained that UK Finance undertakes “a very broad range of Economic Crime work, across anti-money laundering, anti-corruption, sanctions, intelligence, and fraud.”
They work in partnership with “members, and other partners, to protect the public, society and economy from harms caused by Economic Crime.”
Postings also shared that together, they have “made progress in key areas over the past twelve months.”
He continued:
“We estimate that our members spend £38 billion on compliance each year. So, we strongly welcomed the Treasury’s commitment to make changes to the Money Laundering Regulations. These regulations are the largest driver of that spend. We approach advocacy by using data and building strong arguments. “
He further commented:
“An example of the government’s commitment to improve how we fight crime is the recent increase in threshold for reporting Suspicious Activity Reports. This will allow firms to focus their efforts on higher value activity and will really help us all tackle crime much more effectively. However, we continue to see new burdens placed on banks, such as the Public Authorities Fraud, Error, and Recovery Act. Whilst the intention behind the Act may be understandable, it introduces more complexity and work.“
Postings also shared that using banks to police fraud and error in the benefits system is “a matter for public debate, but what is certain is that it distracts from the industry’s work to tackle the big issue of serious organised crime.”
He pointed out that a risk-based approach to economic crime prevention is entirely “consistent with the Chancellor’s Financial Services Growth and Competitiveness Strategy.”
When Labour took up office in 2024, they shared views on how a balanced approach to risk would “allow the sector to refocus on key activities, including innovation and growth, for the benefit of UK consumers and businesses.”
He added:
“We seek a system that is focused on the largest risks and threats, rebalancing the industry’s annual compliance spend towards high-impact activity. Supporting a properly resourced public sector with the intelligence, tools and capabilities needed to deal with criminals and terrorists.”
He further stated that there are currently “3,750 individuals, 968 entities, and 15 ships on the consolidated sanctions list.”
In the last year OFSI focused on “enhancing compliance, capability, and enforcement to uphold the effectiveness of UK financial sanctions.”
The impact of this work is demonstrated by the “£37 billion worth of assets reported as frozen to OFSI, a significant increase from £24.4 billion in the previous FY.”
Key focus areas for 2026 will include “tackling sanctions evasion, strengthening controls around crypto assets, and ensuring firms have the tools and confidence to implement measures effectively and responsibly.”
The pace of changes with regards to payments, “coupled with the increased threats posed by fraudsters leads to a fast paced environment in the fraud arena.”
UK Finance continues to bring members together “to choose the path for a single future-facing APP and data management solution.”
The Banking Protocol initiative, which links branch staff with police to protect vulnerable customers, has “prevented over £400 million being stolen since inception.”
The Dedicated Card and Payment Crime Unit (DCPCU), has prevented over “£75 million from being stolen this year, charged 86 people and disrupted 120 Organised Crime Gangs.”
This is a “record” number.
Through their Take Five to Stop Fraud campaign, they have equipped individuals with “clear, actionable advice to help them recognise and resist fraudulent attempts.”
Their educational materials, interactive resources, and public outreach initiatives have “helped people to spot scams and make informed decisions, significantly reducing their vulnerability to fraud.”
They also stated:
“We have also seen record high campaign recognition ,with over 56% of people saying they recognise Take Five activity. The industry is spending billions on this issue. But let me talk about the wider subject of fraud for a moment. Fraud accounts for over 40% of all reported crime in the UK, making it the most common crime in the country and yet, it remains significantly underreported. The financial services industry invests more than any other sector in fighting fraud. Indeed more than all other sectors combined. Criminals stole £629.3 million in the first half of 2025, a 3% increase on the same period in 2024.”
Postings also mentioned:
“There were over 2 million confirmed cases of fraud, a 17% increase on this time last year. The UK should be ashamed of these numbers, much of which is preventable.”
They continued:
“Banks are the last part of the chain and simply make the payment. Through sustained investment in technology, and human effort, banks prevented £870 million of unauthorized fraud. This is 20% more than in the equivalent period last year. This is the equivalent to prevention of 70p in every £1 in attempted fraud.”
But that is like asking your goalkeeper to “save every shot because your outfield players are asleep.”
It is frankly miraculous that “we do this so well.”
Concerningly, they shared:
“66% of APP fraud cases started online and 17% started through telecommunications networks. This is where prevention should be happening. At scale with real, genuine investment and not the lip service that some large tech companies give the issue.”
They added that fraud used to be seen as a “victimless crime.”
Postings also said fraud “destroys lives, costs innocent customers money and funds organized crime and enemies of the state.”
The government’s Fraud Strategy must ensure “all sectors are accountable” in preventing fraud. Tech companies and the “subject of the Reuters article in particular, need to feel real sustained pressure.”
Postings stressed that this “cannot remain simply something we would like to see because it is fair.”
Instead, it must be something we fight for “because it is at the heart of the national security debate and because it is the right thing to do.”
He emphasized:
“I call on the Home Secretary to grasp this issue and make sure that the new strategy prioritises prevention, cross-sector collaboration, and law enforcement to counter evolving tactics. We have to reduce victim numbers, and protect the UK’s reputation as well as its economic growth.”
Postings concluded that this needs to be done by “forcing the tech giants to behave well, and put enormous financial might to bear.” They clearly seem to have the capability as well as adequate resources “to staunch this gaping wound.” A wound they are now said to be “profiting from.”