UK consumers are more likely than their European counterparts to believe that fraud will become a greater issue for banks and insurers over the next five years, according to new research from CRIF.
The study found that 84% of British respondents expect the scale of fraud to increase by 2030, a higher proportion than in Germany (80%), France (77%), Italy (76%), and Poland (76%).
The research also shows that 81% of UK consumers anticipate a significant cybersecurity incident affecting a major bank in the next five years, with a similar proportion expecting a data breach that compromises personal information. This figure is above the European average of 74%, highlighting heightened concerns in the UK regarding digital security.
There are notable generational differences in attitudes towards financial fraud. The survey found that 92% of Baby Boomers and 88% of Generation X believe financial fraud will become a bigger issue, compared to 75% of Gen Z and 76% of Millennials.
However, when asked about their top financial concerns for the next five years, only 24% of Gen Z and 26% of Millennials identified fraud as a leading worry, compared to 49% of Baby Boomers.
Despite lower levels of concern among younger groups, the data indicates that Gen Z adults are at greater risk of falling victim to scams and tend to lose larger sums of money when targeted. This suggests a disconnect between perceived and actual risk among younger consumers.
Sara Costantini (pictured above), regional director for the UK & Ireland at CRIF, said, “Fraud may not be a new phenomenon, but the digital age has undoubtedly created more sophisticated ways for criminals to exploit consumers and businesses.”
She noted that UK consumers are particularly pessimistic about the outlook, with many expecting fraud to worsen by 2030 and believing that major cyber breaches are inevitable.
“Older consumers are the most concerned, yet it’s younger generations who are more likely to fall victim – and lose more when they do. This underlines the need for greater collaboration across the sector to improve security, raise consumer confidence and ensure we reduce the impact of fraud in the years ahead,” Constantini said.
Insurers are responding to these concerns with increased investment in fraud prevention and detection. Aviva previously reported blocking over 6,000 fraudulent insurance claims in the first half of 2025, preventing losses of more than £60 million.
The company has also seen a rise in impersonation scams and ghost broking, particularly targeting young drivers through social media. Legal consequences are intensifying, with prison sentences for fraudsters reaching a combined total of over 32 years in 2025, surpassing the previous year’s total.
Allianz UK also detected £92.6 million in fraudulent insurance activity in the first half of 2025, a 34% increase year-on-year, with nearly 16,000 instances identified across personal, commercial, and specialty lines. The company highlighted the growing sophistication of ghost broking schemes and the use of machine learning and voice analytics in detection.
Meanwhile, the Insurance Fraud Bureau (IFB) has introduced a five-year anti-fraud roadmap, “Connected to Protect,” aiming to expand data sharing, strengthen industry ties, and raise public awareness.
The strategy includes a unified technology platform and increased collaboration with government and regulators, building on the UK Economic Crime Strategy and the Insurance Fraud Charter. IFB’s focus on public education and intelligence sharing is intended to help the industry keep pace with increasingly complex fraud schemes and regulatory expectations.
Financial fraud remains a significant source of losses for both the sector and its customers. UK Finance reported that fraud cost consumers and financial providers over £1.1 billion last year.
As financial services continue to digitise, the pressure on banks, insurers, and other providers to protect consumers is expected to grow. The survey found that 75% of UK respondents believe government and regulators will need to take a more active role in controlling data use and addressing fraud risks.
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