Why Financial Crime Strategy Is Becoming a Business Imperative

Fraud and financial crime haven’t gone away, they’ve evolved. And for UK businesses, that evolution is prompting a strategic rethink. The threats are more sophisticated, the pressure to respond is mounting, and the cost of inaction is rising.

According to the latest Experian UK Fraud and FinCrime Report, just one in ten businesses expect to reduce their fraud and compliance budgets this year. Most are preparing to invest more, not just in tools, but in smarter, more strategic approaches.

The scale of the challenge is clear. In the first half of the year, a record 217,000 fraud risk cases were filed to the National Fraud Database. AI-driven threats are accelerating identity fraud, account takeovers, and misuse of facilities, while familiar scams like APP fraud and SIM swaps remain widespread.

As the threat landscape grows more complex, businesses are responding, integrating teams, investing in early detection, and aligning fraud and compliance functions more closely. Based on insights from our latest report and industry conversations, here are five priorities shaping the future of financial crime strategy.

Bringing fraud and AML together

One of the most significant changes we are seeing is the move to bring fraud and AML teams closer together. This is not just about efficiency. It is about improving visibility, sharing intelligence and responding faster. When teams operate in isolation, it is easy to miss the bigger picture. But when they are aligned, it becomes much easier to spot patterns, close gaps and act quickly.

This is where FRAML, the integration of fraud and AML, is gaining traction. It is helping businesses build a more complete view of risk and make better decisions earlier in the customer journey.

Focusing on onboarding-stage detection

Another area where businesses are investing is onboarding. More organisations are recognising that the earlier they can identify risk, the better. By focusing on detection at the point of entry, they are able to reduce downstream costs, improve prevention and protect the customer experience.

It is a shift in mindset. Rather than reacting to financial crime risk after it has manifested, businesses are working to build resilience from the very beginning.

Compliance pressure is growing

The regulatory landscape is not getting any easier. Experian research shows us that, last year, a significant number of firms were fined for AML failures, including many in the retail banking space. The financial and reputational risks are real, and they are prompting businesses to take a closer look at how they manage compliance.

But rather than simply scaling up teams, many are looking at how to work smarter. That means investing in better systems, redesigning processes and building more agile, responsive compliance functions.

Customer expectations are changing

It’s not just regulation that is driving change. Customers are playing a role too. We are seeing a shift in how people think about online safety, particularly among younger generations. Gen Z and Millennials are more concerned about privacy, misinformation and how their data is being used.

Businesses are responding by making fraud controls more visible, while still working to reduce friction. It is a balancing act, but one that is becoming central to how trust is built and maintained.

A more resilient future

What we are seeing is a broader shift in how businesses think about financial crime, not just in terms of tools and tactics, but in how it connects to broader goals like customer experience, operational resilience and brand reputation. The organisations leading the way aren’t just reacting to threats; they’re building smarter, more connected strategies that can adapt, scale and endure