Every minute, nearly eight cases of fraud in which money is stolen are reported in the UK. Last year, more than four million cases were recorded, with almost £1.3bn stolen by scammers, according to UK Finance. The total has increased by more than one million in two years, and experts believe the majority of scams go unreported, meaning the true scale is even larger.
Fraudsters are now using artificial intelligence (AI) to manipulate victims on a greater scale than ever before. AI has been used to mimic the voices of celebrities, and even those of victims' family and friends, making people more susceptible to being scammed. Criminals often target vulnerable moments, such as when someone is feeling lonely or trusting on dating sites. The first four men matched with Julie Osgood on a dating site were all potential fraudsters, she told the BBC. Kirsty Guest, a florist from North Yorkshire, lost £80,000 after a months-long relationship with a scammer who used stolen photos. UK Finance said examples even included a fraudster marrying a victim to continue stealing money.
“Explains the surge in UK scams, how AI is used by fraudsters, and what victims can do.”
Banks describe fraud as a "national security threat" because of the impact on victims and the huge sums stolen by organised criminals. Paul Davis, head of economic crime at Barclays, said: "The impact goes beyond financial loss; it can cause huge emotional harm, leaving victims burdened by guilt and shame." The banking trade body argues that the problem can only be tackled if tech companies step up monitoring and security of their platforms.
For UK readers, the practical risks are clear: nearly eight fraud cases with financial loss are reported every minute. Scammers are professional and use sophisticated techniques, including AI, to target people at their most vulnerable. Whether it's a fake romance, a cloned voice of a loved one, or a convincing email, anyone can be tricked. The financial toll is enormous, and the emotional harm can be devastating.
Q: How are scammers using AI to commit fraud? Criminals use AI to mimic the voices of celebrities, family members, and friends, making their scams more convincing. This technology allows them to carry out fraud at greater scale and manipulate victims who might otherwise be wary.
Q: What should I do if I think I've been scammed? If you suspect you've been targeted, contact your bank immediately and report the incident to Action Fraud, the UK's national fraud reporting centre. Early reporting can sometimes help recover money and prevent further losses.
Q: Are romance scams common in the UK? Yes. Fraudsters use fake profiles on social media and dating sites to groom victims over months. Some have even married victims to continue stealing money. In one case, a woman lost £80,000 after a scammer used stolen photos to build a fake relationship.
What happens next depends on whether tech companies and banks can work together to improve platform security. UK Finance says the scale of the problem demands stronger monitoring and security measures. Until then, fraud is likely to remain a growing threat, especially as AI becomes more accessible to criminals.