Fraud used to give itself away: clumsy emails, odd phrasing, obvious fake websites. Generative AI has changed that. Messages can now be written in flawless business English, websites cloned in minutes, and voices or faces imitated well enough to fool a busy finance team. For small and mid-sized businesses, the risk is no longer a technical problem alone — it is a process problem.

How big is the fraud problem in the UK?

UK Finance’s Annual Fraud Report 2026 shows total payment fraud losses of £1.28 billion in 2025, up 4%. Unauthorised fraud — such as stolen card details — fell 5% to £703.4 million, while the industry stopped a further £1.68 billion from being taken. APP fraud, however, rose 19% to £576.4 million across 248,070 cases. Two-thirds of APP cases started online, and 17% began with a phone call or text.

“Fraud operates on an industrial scale, harming people, businesses and the UK economy,” said Ruth Ray, Managing Director of Economic Crime at UK Finance.

How are criminals using AI?

• Invoice and supplier fraud: convincing emails that change bank details on genuine-looking invoices.
• CEO impersonation: cloned voices or video calls asking staff to make urgent payments.
• Fake shops and payment pages: websites built at scale to capture card details.
• Synthetic identities: fabricated documents used to open accounts or pass onboarding checks.

How can businesses protect themselves?

1. Verify bank-detail changes by a separate channel — call a known number, never the one in the email.
2. Use Confirmation of Payee and treat any name mismatch as a red flag.
3. Set dual approval for new payees and high-value transfers.
4. Agree a “safe word” or call-back rule for urgent requests from senior staff.
5. Train the whole team regularly — fraudsters target whoever is busiest, not just finance.

How convincing can AI-driven fraud be?

One case has become a reference point for finance teams everywhere. In early 2024, an employee in the Hong Kong office of the engineering firm Arup was persuaded to transfer around US$25 million after joining a video call in which the company’s senior executives appeared to be present. They were deepfakes. The case showed that seeing and hearing a familiar colleague is no longer proof that the request is genuine.

Small businesses are not immune just because they are small. They often have fewer controls, fewer people to check payments and less time — exactly the conditions fraudsters look for.

Will the bank refund a business that is scammed?

It depends on who the victim is. Since 7 October 2024, the Payment Systems Regulator’s mandatory reimbursement rules have required payment firms to reimburse victims of APP scams made over Faster Payments, up to a maximum of £85,000 per claim, subject to some exceptions. The protection covers consumers, micro-enterprises and small charities.

Larger businesses are generally outside this scheme, so they rely on their own controls, their bank’s goodwill and, where relevant, insurance. That makes prevention far more valuable than any after-the-event remedy.

What should you do if you think you have been scammed?

1. Call your bank immediately. Speed matters — the sooner a payment is flagged, the better the chance of freezing the money. In the UK, dialling 159 connects you to the fraud teams of many major banks.
2. Report it to the police’s national fraud reporting service so the case can be linked to others.
3. Preserve evidence — emails, invoices, call logs and screenshots.
4. Warn your suppliers and customers if your email or brand may have been compromised.
5. Review what went wrong and fix the process, not just the individual mistake.

The industry’s long-running “Take Five to Stop Fraud” campaign sums up the mindset: stop, challenge, protect. A short pause before paying remains one of the most effective controls a business can have.

Frequently asked questions

How much was lost to fraud in the UK in 2025?

UK Finance reports £1.28 billion was lost to payment fraud in 2025, including £703.4 million of unauthorised fraud and £576.4 million of authorised push payment fraud.

What is APP fraud?

Authorised push payment fraud is when someone is tricked into sending money to a criminal, for example through a fake invoice or an impersonation scam.

What is the best defence against invoice fraud?

Always confirm any change to a supplier’s bank details by calling a known, trusted number, and use Confirmation of Payee before paying.

Related on CWN Times: What is an electronic money institution?

When Commonwealth leaders gathered in Apia, Samoa, in October 2024, they had three candidates to choose from to succeed Patricia Scotland — all from Africa, under the informal convention that it was the region’s turn. They chose Ghana’s foreign minister, a politician with long experience of regional diplomacy and a reputation as a pragmatic dealmaker.

Who is Shirley Botchwey?

Born in Accra, Botchwey spent years in Ghanaian politics, serving as a member of parliament and then as foreign minister from 2017, where she was closely involved in West African regional diplomacy and Ghana’s relations with the UK, Europe and Asia. She arrived at Marlborough House with a clear message: the Commonwealth had to show results, not just words.

“It is a great honour to be the first African woman to serve as Secretary-General,” she said on taking office. “The challenges we face are real and serious… together, we are more than equal to them.”

How was she chosen?

Three candidates, all from Africa, stood to succeed Patricia Scotland: Shirley Botchwey of Ghana, Joshua Setipa of Lesotho and Mamadou Tangara of The Gambia. The selection followed the Commonwealth’s usual process — candidates are nominated by their governments, set out their vision to member states, and the final decision is taken by heads of government in a restricted session at CHOGM, with the host leader identifying the candidate with the strongest support. Leaders meeting in Apia, Samoa, chose Botchwey on 25 October 2024.

Her experience as foreign minister was an important part of her case. During her time in that role, Ghana served a term on the United Nations Security Council in 2022–23, and she was deeply involved in West African diplomacy through ECOWAS — experience of multilateral negotiation that translates directly to leading a 56-member organisation.

What are her priorities?

From her first day, Botchwey set out three main goals:

• Trade, investment and connectivity as the route to industrial development and inclusive growth — “so no country is left behind”.
• Climate action, which she calls “the greatest challenge of our time”, alongside reform of the international financial system so that small and vulnerable states can access the finance they need.
• Skills and opportunity for women and young people — important in a Commonwealth where the majority of the population is under 30.

She has also pushed to modernise the Secretariat itself through what she calls “faster, smarter partnerships”.

What has she achieved so far?

According to the Secretariat’s review of her first year, milestones include:

• The Strategic Plan 2025–2030, approved by member countries in September 2025, built around democratic, economic and environmental resilience.
• The first-ever Commonwealth Business Summit, held in Namibia in June 2025.
• Almost US$600 million in climate finance unlocked through the Commonwealth Climate Finance Access Hub, with more advisers embedded in member governments.
• Training for public debt managers from 16 Caribbean countries with the IMF, and wider use of the Commonwealth Meridian debt management platform.
• New partnerships with the International Trade Centre and the UN Office for Outer Space Affairs, and a renewed partnership with the World Health Organization.
• The launch, in October 2026, of the Commonwealth Investment Platform, showcasing more than 60 investment-ready projects from 20 member countries.

“Our mission cannot be fulfilled by words alone,” she said at the one-year mark.

Who is in her senior team?

In 2026 the Secretariat appointed two Deputy Secretaries-General to support her: Ambassador Tanmaya Lal of India as Deputy Secretary-General (Programmes), leading work across democracy, economics and the environment, and Tania Baumann as Deputy Secretary-General (Corporate), responsible for finance, people and operations. The split reflects her focus on both delivering programmes and running a tighter, more accountable organisation.

What does she want from CHOGM 2026?

Botchwey promised a “game-changing” summit in Antigua and Barbuda, built around the theme “Accelerating Partnerships and Investment for a Prosperous Commonwealth”. Her bet is that the Commonwealth’s relevance will be judged by investment flows, trade deals and practical support for small states — not by the length of the communiqué. The summit also brings difficult conversations, notably Caribbean calls for reparatory justice, which she must help keep within a constructive Commonwealth process.

What challenges does she face?

She leads a membership with very different expectations — from large economies wanting value for money to small states wanting louder advocacy. She also leads at a time of geopolitical fragmentation, when multilateral organisations everywhere are under pressure to prove their worth.

Frequently asked questions

Who is the current Commonwealth Secretary-General?

Shirley Ayorkor Botchwey of Ghana has been Commonwealth Secretary-General since 1 April 2025.

Is Shirley Botchwey the first woman to lead the Commonwealth?

She is the first African woman. The first woman to hold the post was Patricia Scotland, who served from 2016 to 2025.

How long is a Commonwealth Secretary-General’s term?

A term is four years, and a Secretary-General may serve a maximum of two terms.

Related on CWN Times: CHOGM 2026 opens in Antigua · Patricia Scotland’s legacy · The future of the Commonwealth

Open banking has moved from experiment to infrastructure. In July 2026, Open Banking Limited announced that UK open banking had passed one billion payments, with more than 40 million payments in June 2026 alone. Variable recurring payments — which let customers authorise ongoing payments from their bank — grew 6.7% in a single month.

How does open banking payment work?

At checkout, the customer chooses “pay by bank”, selects their bank and approves the payment in their banking app, usually with a fingerprint or face ID. The money moves over the Faster Payments network directly into the business’s account. No card details are entered or stored.

How do open banking and cards compare?

When does open banking make most sense?

• Higher-value payments, where percentage-based card fees become expensive
• Invoices and B2B payments, where a payment link is faster than manual bank transfer
• Subscriptions and memberships, using variable recurring payments
• Cash-flow sensitive businesses that benefit from instant settlement

Where did UK open banking come from?

Open banking in the UK was not a purely commercial invention. It was created after a Competition and Markets Authority investigation into retail banking concluded that competition needed a boost. The CMA required the nine largest current account providers — often called the “CMA9” — to open up secure access to customer accounts through standardised technology interfaces (APIs), with the customer’s consent. The service went live in January 2018, alongside the EU’s second Payment Services Directive, which introduced similar rights across Europe.

Pay-by-bank payments run on the UK’s Faster Payments system, launched in 2008, which is why money usually arrives within seconds rather than days.

What are the practical drawbacks?

Open banking is not a perfect substitute for cards, and it is worth being clear about the trade-offs:

• Refunds are not automatic in the way card refunds are. Businesses need a process to send money back, usually by bank transfer.
• Customer habit still favours cards and digital wallets. A pay-by-bank button that customers do not notice or trust will not be used.
• Payment limits set by individual banks can affect very large payments.
• In-person use is less developed than online. Some providers offer QR-code payments at the till, but contactless cards and phones remain the norm in shops.

How can a small business get started?

1. Ask your current provider. Many card acquirers and e-commerce platforms now offer pay by bank as an add-on, so you may not need a new contract.
2. Check authorisation. Open banking payments are initiated by firms authorised or registered by the Financial Conduct Authority as payment initiation service providers. The FCA register shows who is permitted.
3. Start where it matters most. Add pay by bank to invoices or high-value orders first, and measure take-up before rolling it out everywhere.
4. Explain it to customers. A short line such as “Pay securely through your banking app” increases confidence.

Frequently asked questions

Is open banking safe for businesses?

Yes. Customers approve each payment inside their own banking app with strong authentication, and no card details are shared with the business.

How many open banking payments are made in the UK?

Open Banking Limited reported in July 2026 that UK open banking had passed one billion payments, with more than 40 million payments made in June 2026.

Do open banking payments have chargebacks?

No. Open banking payments do not carry card-style chargeback rights, which reduces disputes for businesses but means customers rely on other protections.

Related on CWN Times: Card processing fees in the UK: a plain-English guide