The study highlights the significant differences between international trends and the UK's strategy for tackling digital fraud and highlights the value of cutting-edge FinTech solutions for risk mitigation.

In 2023, there was a worrying 19% rise in the number of digital fraud attacks worldwide; nevertheless, the UK has shown a notable decrease in the number of human (-14%) and bot (down by 29%) attacks directed at organizations. The observed decrease indicates that the FinTech ecosystem in the UK is becoming more developed, and advanced fraud protection solutions are becoming widely used. These factors play a major role in preventing digital fraud attempts.

According to the survey, there has been a change in the strategies used by criminals; bonus abuse fraud has become the most common sort of assault in the UK, up five times over the previous year. In spite of this change, the UK's total assault rate is still extremely low, accounting for only 0.2% of all transactions, as opposed to the 1.5% global average.

The UK's advantageous position, according to Rob Woods, Director of Fraud and Identity Strategy at LexisNexis Risk Solutions, is a result of financial institutions' widespread use of tech-based fraud protection solutions. He observes, "The UK's advantageous position is largely attributable to the volume of 'trusted' customer traffic that uses mobile apps to access UK digital banking services." Another contributing factor is that UK institutions were early adopters of advanced technology-based fraud prevention measures.

The research cautions against complacency in light of recent developments, highlighting the necessity of industry cooperation and ongoing monitoring. In order to identify and stop fraud at its root, Woods advocates for increased cooperation between authorities and large digital corporations.

The research concludes by highlighting the critical role that FinTech has played in strengthening the UK's defenses against digital fraud and emphasizing the necessity of continual innovation and cooperation to keep ahead of changing threats.