Rich by Coin

The UK is investing over £150 million to transform Action Fraud into a new National Fraud and Cyber Crime Reporting service. Project WINTERPROOF, led by the National Economic Crime Centre (NECC), focuses on fighting fraudsters with an overseas nexus who target the UK. With data showing 75% of all fraud against UK individuals and businesses is either instigated or facilitated from abroad, the project emphasises international collaboration with law enforcement agencies in high-risk jurisdictions to disrupt criminal groups engaged in high-harm frauds. New regulations place unprecedented responsibility on financial institutions and crypto businesses to prevent fraud, creating opportunities for AI-powered prevention tools to transform the industry approach from reactive to proactive.

In 2025 alone, Chainalysis identified that at least $14 billion in cryptocurrency was transferred to addresses associated with scams and fraud. Today’s fraud landscape is dominated by industrial-scale syndicates spanning Southeast Asian scam compounds, West African cybercrime hubs, Eastern European fraud rings, and more. These sophisticated operations are staffed by trafficked workers, leverage AI-generated content, and exploit crypto assets to move illicit funds globally within seconds. We now face a breed of criminal enterprise that’s well-connected, cyber-enabled, and evolving faster than our defences, transforming into one of the most pressing global security threats.

Most acknowledge that the response to fraud needs to use different levers — legislation, education, enforcement — but in every effective solution, innovation is front and centre. While traditional awareness campaigns continue to be important, the criminals aren’t the only ones with new tools. AI-powered prevention technology that can identify and stop fraud at the point of transaction, blockchain analytics that can trace criminal proceeds across borders in real-time, and predictive intelligence that disrupts operations before they reach victims are now essential. But technology alone is not enough without strategic leadership and international coordination.