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Now that more people are becoming aware of scams than before, scammers are using AI to look a lot more convincing than older attempts. This is a worry to 75% of Brits who participated in CRIF鈥檚 research.

66% believe fraud and cybercrime have become more of a personal threat, and 60% think the UK is more vulnerable to cyberattacks than it was even just a year ago 鈥� this is because of the types and levels of fraud people are seeing.

AI can create almost all kinds of communication that might look and sound genuine, so we are living in a time where fraud no longer depends on just poorly written emails or suspicious phone calls.

Consumer views have changed dramatically in a short space of time as CRIF reported that only 24% of UK consumers were worried about AI related risks in its 2025 research. The fact that one year later, that number shot up to 75%, is shocking.

Even the National Cyber Security Centre said it handled more than twice as many nationally significant cyber incidents in 2025 as it did during the previous year. News like that leaves many people questioning how well any organisation can protect sensitive information.

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Do People Think Banks Can Keep Pace?

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CRIF found that 40% of UK consumers think banks and insurers are not doing enough to combat fraud. Only 31% believe the UK financial system is well equipped to deal with cyber threats.

People want to see what happens around banks when it comes to security, but fraud cases keep making the news, scammers keep finding new strategies to attack 鈥� and this is happening to organisations of all sizes!

All of that creates a feeling that financial institutions are struggling to keep pace with criminal activity.

We got commentary from Sara Costantini, Regional Director for the UK and Ireland at CRIF again, and she said, 鈥淧ublic concern about AI-enabled fraud is rising rapidly and consumers increasingly feel financial providers are struggling to stay ahead of the threat.

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鈥淲hile AI can improve our lives, criminals are also utilising it to do us harm, making scams more convincing, heavily targeted and harder to detect. In response, UK businesses are leading the way in investing heavily in cybersecurity and deploying AI-driven fraud prevention tools of their own 鈥� a positive, preventative approach, but also indicative of the growing threat facing UK companies.鈥�

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So, Is Fraud The Only Thing Shattering Trust With Banks?

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Fraud is only one reason of a few more and CRIF鈥檚 Banking on Banks Report 2026 found that 57% of consumers believe financial providers have a duty to offer affordable products during difficult economic conditions.

But, only 29% think providers are doing enough to support financial wellbeing. And more people are worried about their finances, with 78% of Europeans reporting financial stress for the coming year.

In the UK, 39% expect to have less money left at the end of each month during the next twelve months and this is also true according to the other report we previously discussed that had to do with how the Middle East Conflict is affecting Europeans鈥� finances.

People who feel financially constrained often expect more support from the institutions managing their money. When those expectations are not met, trust becomes harder to build.

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And What Are Financial Institutions Doing?

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CRIF found that 76% of UK businesses now treat cybersecurity investment as a business priority, which is the highest level recorded in Europe, and 42% are already using artificial intelligence specifically to tackle fraud.

Businesses are also careful about handing decision making entirely to automated systems. More than eight in ten businesses believe AI led decisions should always involve human oversight.

Costantini believes AI can help financial institutions respond more effectively to modern fraud techniques:

鈥淎I can be used to combat AI 鈥� identifying suspicious behaviour and emerging threats in real time, at a scale older fraud systems cannot match. The technology to fight back already exists and the challenge for financial providers is to implement these tools quickly and responsibly to keep consumers and businesses safe from fraud.鈥�