A new cybercrime report by LexisNexis Risk Solutions has found a transformation in the UK’s fraud landscape, with first-party fraud now accounting for more than half of all reported incidents in 2024.
The data, derived from over 104bn global transactions analysed via the LexisNexis Digital Identity Network, marks a dramatic rise in fraud conducted by customers themselves rather than external scammers.
First-party fraud encompasses dishonest activities by legitimate users for financial gain, including providing false details on loan applications, making fraudulent chargeback claims, or falsely reporting undelivered goods. The report highlights a particular spike in such cases reported by Buy Now, Pay Later providers and financial institutions.
The study also pointed to the continued threat posed by account takeover (ATO) fraud, which now makes up 15% of reported fraud in the UK. A significant driver of ATO fraud is phishing and smishing, often involving fraudulent password reset attempts. The data shows that 10% of all password reset attempts in the UK last year were fraudulent, with desktop users particularly vulnerable — 27% of such requests made from desktops were linked to fraud.
LexisNexis Risk Solutions vice president of fraud and identity Stephen Topliss said, “These findings represent a notable shift in global fraud patterns, with consumers now emerging as the single largest source of human-initiated fraud.” He added that first-party fraud requires a different detection approach, warning that organisations must not overlook other threats: “There were still more than three billion brute-force automated account takeover attacks detected last year alone and scams remain a global problem.”
Globally, fraud attack rates have seen notable fluctuations. The Communication, Mobile and Media (CMM) sector experienced a 15% rise in attacks, while Financial Services saw an 18% increase in bot-driven assaults. LexisNexis believes these trends may signal an oncoming ‘fraud storm’ driven by AI.
Regionally, EMEA reported the lowest attack rate at 0.6%, while LATAM dropped to 1.6%, below North America’s 2.2%. APAC, in contrast, saw a 37% spike, now reaching 1.5%.
Topliss warned of emerging threats, saying, “We are at a potential tipping point. While many organisations have improved their defences over the past few years, we also know that cybercriminals are embracing new innovative, AI-enhanced capabilities and we will likely see these extensively tested and executed over the coming months.”
ING, a leading global banking group headquartered in the Netherlands, has recently revealed it is expanding its fraud prevention efforts with the launch of its ‘check the call’ feature in Belgium.
The bank, known for its digital banking services and innovation in customer security, is bringing the tool to Belgian users following a successful rollout in the Netherlands.
The introduction of this tool comes in response to the increasing threat of helpdesk fraud, a growing form of cybercrime in which criminals impersonate bank employees over the phone to manipulate and defraud victims. The bank aims to reduce emotional and financial damage caused by this deceptive tactic.
ING is recognised for its commitment to safeguarding customer trust through technology-driven solutions. With a strong presence in Europe, the bank provides a wide range of financial services including retail banking, private banking, investment services, and digital innovation.
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