Strategic Payments Platforms and Infrastructure
April 24, 2025
More than three quarters of British payments platforms are losing more than 5% of their revenue to fraud every year, according to a survey of senior UK financial services fraud professionals.
The survey, which forms the basis of the ‘Global Industry Pulse Report’ published by identity verification specialist Veriff, found that online fraud is a growing threat to UK businesses, with 73% suffering a negative hit to their revenue over the past 12 months.
Surveying hundreds of British fraud professionals and decision-makers in a range of sectors across financial services, the report offers stark findings, painting a picture of an increasingly dangerous environment and confirming the results of Veriff’s Identity Fraud Report 2025, which found a 21% increase in online fraud year-on-year.
The five key takeaways from the report are:
Fraud is a growing threat: 72.5% of UK fraud professionals saw an increase in online fraud over the 12-month period, a clear demonstration of the growing danger.
Businesses are taking a financial hit: Almost three-quarters (73%) of UK fraud professionals report at least some hit to their revenues from online fraud. It’s not hard to appreciate the potential impact, with a 5% reduction representing a £50,000 loss on revenues of $1 million.
The promise and pitfalls of AI: AI is clearly a growing danger. Most respondents (61.5%) saw a rise in the use of AI in online fraud. However, it also holds potential for building security and adaptability in defenses: 60% have adapted AI/ML in fraud prevention, while another 25% plan to do so in the coming months.
Customers demand robust fraud prevention: Businesses need the strongest possible fraud prevention technology, or they could lose their customers, the survey suggests, with 71% of UK respondents reporting growing customer demand for robust fraud prevention capabilities.
IDV and biometrics provide major advantages: Like their counterparts around the globe, UK decision-makers have embraced IDV and biometrics, with 80.5% of respondents already adopting the technology into their processes. And it’s set to expand – a further 78.5% plan to increase their dependence on the security tools over the next year.
The Payments Association
St Clement’s House
27 Clements Lane
London EC4N 7AE
© Copyright 2024 The Payments Association. All Rights Reserved. The Payments Association is the trading name of Emerging Payments Ventures Limited.
Emerging Ventures Limited t/a The Payments Association; Registered in England and Wales, Company Number 06672728; VAT no. 938829859; Registered office address St. Clement’s House, 27 Clements Lane, London, England, EC4N 7AE.
Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.
We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.
Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.
Please click the button below which relates to the issue you’re having.
Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association
Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.
For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.
The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.
Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.
Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.
For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.
