Financial firms tackle fraud with AI and biometrics

As financial fraud in the UK evolves, so too does the financial industry, stepping up its efforts to tackle the issue with new technologies, such as biometrics and artificial intelligence.

By Anna Fedorova

More than £500 million has been stolen from customers of UK banks in the first half of 2018, according to the latest data released by UK Finance.

Though the amount lost as a result of unauthorized financial transactions has fallen by 2% to £358 million in H1 2018, authorized push payment scams, where the account holder is duped into making the payment to another account, have risen by some 44% compared with the same period in 2017, to £145.4