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Banks facing rising bill as Financial Ombudsman weighs in on sophisticated fraud attacks
Banking customers transferred £240m to fraudsters last year as the sophistication of attacks increases. Banks, which are currently refunding a quarter of this figure to customers, are facing a bigger hit as the Financial Ombudsman has told them not to assume this fraud is due to customer negligence.
To avoid an increasing bill, fraud experts Intelenet Global Services® say that banks can make use of technologies such as machine learning and predictive analytics which identify customers’ spending patterns and flag up suspicious transactions.
Puneet Taneja, Head of Operations at Intelenet® Global Services, comments: “Prevention is always better than cure. Technologies which flag up suspicious transactions, combined with systems that offer automated messaging, can help banks reach customers quickly and securely to determine if a suspect transaction is taking place. This can significantly lower average loss per account and loss per fraud. One leading bank saw a 98 percent increase in fraud detection rate after putting this kind of system in place.
Puneet continues: “Fraud aftercare is crucial in allowing banks to identify loopholes in the system and pick up the pieces for customers after criminal activity has taken place. Machine learning is increasingly being applied to help speed up the resolution process, resulting in improved customer support for those who have fallen prey to fraud.”
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CLS, a financial market infrastructure group delivering settlement, processing and data solutions, today announces the appointment of six new members to its Board of Directors at the CLS Annual General Meeting held on 9 June 2026.
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SumUp Launches in Canada
SumUp, the global financial technology company, today announced its official launch in Canada. The milestone makes Canada SumUp's 38th market and its latest step in building out its presence across the Americas, as the company continues its mission to make commerce simpler and more accessible for all businesses worldwide.
European Fintech Association Elects New Board of Directors
The European FinTech Association (EFA) today announced the election of its new Board of Directors, bringing together senior leaders from across Europe's fintech ecosystem to guide the Association's work over the coming term.
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CLS Appoints Six New Board Directors
CLS, a financial market infrastructure group delivering settlement, processing and data solutions, today announces the appointment of six new members to its Board of Directors at the CLS Annual General Meeting held on 9 June 2026.
Mobey Forum Calls for a Collaborative Approach to Fraud Prevention in Rethinking Fraud in a Connected World
Mobey Forum’s Fraud Expert Group has published a new report, Rethinking Fraud in a Connected World: Trust, Collaboration, and Resilience in the Digital Ecosystem, exploring how fraud is evolving beyond traditional banking threats and why stronger collaboration across industries is becoming essential.
SumUp Launches in Canada
SumUp, the global financial technology company, today announced its official launch in Canada. The milestone makes Canada SumUp's 38th market and its latest step in building out its presence across the Americas, as the company continues its mission to make commerce simpler and more accessible for all businesses worldwide.
European Fintech Association Elects New Board of Directors
The European FinTech Association (EFA) today announced the election of its new Board of Directors, bringing together senior leaders from across Europe's fintech ecosystem to guide the Association's work over the coming term.
G+D: Navigating the Future of Fintech Agility and Innovation
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Connect IFA Strengthens Leadership Team to Drive Growth and Enhance Adviser Support
Connect IFA Ltd is pleased to announce key leadership appointments designed to strengthen its commitment to growth and enhance the support it provides to advisers and network members.
FreeAgent Launches New AI Tool for Landlords to Capture Rental Statements
FreeAgent, the innovative accounting technology company, has launched a new feature into its landlord software, enabling landlords and accountants to harness artificial intelligence to input and reconcile data from letting agent rental statements.