The Future of Fraud
A hypothetical view of fraud from the 2030s
The Scams Emergency remains a blight on society, writes Ruth Evans, Chair of Stop Scams UK.
For many, the experience of being scammed can be devastating, often tearing people’s lives apart. Scams do not discriminate. They affect us all, doing untold damage, eroding trust and shattering confidence throughout society.
When consumers hesitate to conduct online transactions for fear of deception, legitimate businesses lose revenue and the economy splutters. This fear can also discourage investment and innovation, hindering growth. A healthy economy relies on trust and confidence, with criminals determined to undermine that very foundation.
That’s why we believe our work in this arena, particularly our Scam Intelligence project, is increasingly vital. Scammers are agile, constantly adapting their methods and techniques. We must build robust societal defences that are not only capable of addressing today’s challenges but can also adapt to the threats of tomorrow and beyond.
As we enter the next decade, our defences gainst fraud – individual, organisational, and societal – must remain agile and flexible to accommodate the evolving landscape.
Ruth Evans, Chair Stop Scams UK
The constantly accelerating pace of technological change further underscore this need. As we enter the next decade, our defences gainst fraud – individual, organisational, and societal – must remain agile and flexible to accommodate the evolving landscape.
This includes new payment methods, the constant development of communication networks, and the emergence of technologies like AI that can be harnessed both for good and nefarious purposes. We must also consider how best to safeguard the future generations as they navigate an increasingly digital world.
Though change may not happen overnight, collective action is essential to set ourselves on the right path. This is a pivotal moment, with a new government shaping its agenda. Such a scenario presents a crucial opportunity to reinvigorate our collective fight against scams and place us on the path toward long-term success.
This report represents a significant step in that direction. Born out of a collaboration between Stop Scams UK and PwC, it builds upon the valuable insights gained from the House of Lords report, “Fighting Fraud: Breaking the Chain”, published by the The Fraud Act 2006 Digital Fraud Committee. We are grateful to Baroness Morgan of Cotes, who chaired that committee, for the insight, enthusiasm and expertise that she shared during her keynote speech at an event arranged by Stop Scams UK and PwC in June 2024.
The discussion allowed us to leverage the expertise of Stop Scams UK members from across the banking, technology and telecoms space, as well as other industry and civil society specialists, to explore the potential scam landscape of the future and the key challenges we might face collectively. Importantly, the report from PwC proposes ambitious yet practical strategies to protect society from the harm caused by criminals who continue to exploit people through scams.
In this ever-evolving environment, cross-sector collaboration is paramount. By working together, sharing knowledge, and developing innovative solutions, we can create a more secure future for all and take strides towards stopping scams at source and instigating growth in the UK economy.