Unlocking real time 24/7 monitoring to help prevent fraud

Digital banking has opened new doors for criminals, posing an escalating challenge for financial institutions. The battle to counter ever-changing tactics has become relentless.  

Cifas members reported a record number of cases, over 421,000, to the National Fraud Database (NFD) in 2024 – a 13% increase on the previous year. A new case was logged every two minutes, preventing over £2.1bn in fraud losses. For those financial services organisations who do not consistently monitor customer fraud risks, they may well be unaware of their exposure to new frauds, leaving their business vulnerable to fraud threats. 

What’s behind the rise in fraud? 

A significant reason for the increase in fraud seen in the last year is the growing sophistication of AI-generated false documents, which can bypass identity verification checks. These have become easily accessible and websites selling counterfeit identity documents – often called ‘document factories’ – have become commonplace. Changing technology has enabled both organised crime groups as well as inexperienced fraudsters to exploit systems, obtaining products and services for financial gain or money laundering. 

Organisations are also continuing to report a growing number of fraudulent applications for loans, assets, and credit cards where there is no clear intention of payments being made. This all points to the growing threat of banks being targeted by fraudsters. 

Significant consequences of not identifying fraud risk in customers: 

Financial losses:

The operational overheads for investigating fraud and the financial loss to consumers and organisations, when it happens, costs the UK £1.8bn a year.

Mandatory reimbursement rules mean that both sending and receiving payment providers are also now responsible for jointly reimbursing the victims of APP fraud.

Regulatory consequences:  

Financial institutions face mounting regulatory pressures to combat fraud and protect customers. KYC/KYB requirements demand thorough identity verification for both new and existing customers, alongside swift investigations into potential fraud risks.  

The Financial Conduct Authority (FCA) expects payment providers to have systems in place that detect money mule activity – during onboarding and ongoing – through transaction monitoring. 

Regulatory expectations on money mules are changing 

The Financial Conduct Authority (FCA) expects payment providers to have systems in place that detect money mule activity at onboarding and ongoing through transaction monitoring  

Proceeds of fraud - Detecting and preventing money mules | FCA 

The Financial Conduct Authority (FCA)’s NFD and mule detection review published in January 2025 states:“Using the NFD effectively, together with detection tools designed to trace the proceeds of fraud across payment networks, is critical in tackling mule activity.”

Real-time fraud detection with Vision  

Cifas’ Vision is the only real-time customer monitoring product. This sends of-the-moment, customisable alerts through an API if there is any change to a consumers' fraud risk level, enabling you to take proactive action to mitigate losses. 

Members have already seen strong results from Vision in terms of cost savings and fraud prevention such as Tide and Think Money.  

‘The NFD has proven its value over the past five years in detecting and preventing fraud. Combining Vision made sense to drive further efficiencies, reduce risk and gain a more comprehensive understanding of our customers. This is enabling us to stay one step ahead in the fight against fraud.’ 

Matthew Tataryn, Director of Financial Crime, Tide 

A recent proof of value for a UK financial services provider showed Vision would have given them five times their return on investment had they been using the service between 2023 and 2024 and saved them over £1m in reimbursement costs during the same period. 

See how Vision can do the same for you...