Ninety-three percent of UK Companies Experienced Vendor Fraud in 2024, According to New Trustpair Research

Key Findings:

• AI-powered fraud techniques, including generative AI and deepfakes, have accelerated fraud incidents, with 42% of companies experiencing at least two successful attacks.

• Financial losses are steep: 21% of fraud victims report average losses of £500,000 per attack.

• Overconfidence in fraud detection capabilities persists despite escalating threats, with 44% of executives claiming they are “very confident” in their teams’ abilities.

• Cybersecurity awareness training and technology investments are rising, but manual processes remain vulnerable.

Cyber fraud, including advanced schemes like AI-generated scams and business email compromise (BEC), surged across UK businesses in 2024, according to new data released by Trustpair and OpinionWay. Based on a survey of 150 senior finance, treasury, and accounts payable executives across the UK, the research shows that 93% of companies were targeted by fraud in the past year, with 73% expecting risks to grow in 2025.

“The rise of AI-driven fraud demands a fundamental shift in how businesses approach payment security”

Fraudsters have rapidly embraced tools like generative AI, voice cloning, and deepfakes, driving a rise in payment fraud sophistication. Nearly 48% identify cyber attacks as their biggest hurdle in fraud prevention. Trustpair’s study highlights an unsettling trend: while 94% of businesses increased their investment in fraud prevention technologies last year, reliance on reactive methods like manual checks and training leaves companies vulnerable to evolving tactics.

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“The rise of AI-driven fraud demands a fundamental shift in how businesses approach payment security,” says Tom Abbey, Senior Fraud Consultant UK at Trustpair. “Companies cannot rely solely on human intervention to counter such sophisticated attacks. Automation is the only way to stay one step ahead of cybercriminals.”

Key Trends from the Report – Fraud in the Cyber Era: 2025 UK Fraud Trends & Insights

1. AI-Powered Fraud is a Game-Changer
   Nearly 88% of UK businesses identified cyber fraud as a significant driver of payment fraud. Tools like generative AI enable fraudsters to craft convincing BEC scams that mimic executives’ communication styles, outpacing traditional detection measures.
2. The Financial Toll of Fraud is Alarming
   For 21% of businesses that suffered successful fraud attacks, the average loss per incident was £500,000. Despite 94% of companies increasing their technology budgets, only 33% have automated fraud prevention systems in place.
3. Financial Professionals Confidence Does Not Match Reality
   While 97% of executives believe their teams can identify advanced fraud tactics, the rising number of successful attacks suggests overconfidence in outdated defenses. Bridging this gap requires adopting more proactive, technology-driven solutions.

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1. A Unified Approach is Essential
   Cybersecurity awareness training and technology investments are on the rise. However, only 1 in 10 companies performs consistent checks throughout the supplier payment process.

Companies Aren’t Ready for a Fraud Surge
Trustpair’s findings indicate a lack of preparedness for the growing sophistication of fraud threats. Manual methods, such as callbacks and email-based validations, are still widely used by 70% of companies. While awareness training and policy updates are critical, automation and advanced verification systems must become the cornerstone of fraud prevention strategies.