UK leads Europe in fears of rising bank fraud and cyberattacks by 2030

UK consumers are the most likely in Europe to believe fraud and cyberattacks will become a bigger issue for banks and insurers over the next five years, according to new research from CRIF, a European provider of consumer and credit information.

The study found that 84% of Brits expected fraud to become a bigger problem by 2030, ahead of Germany (80%), France (77%), Italy (76%) and Poland (76%). Similarly, 81% of UK consumers anticipate a major cybersecurity incident affecting a leading bank within five years, compared with a European average of 74%.

The findings also highlight strong generational divides in attitudes toward financial fraud. While 92% of baby boomers and 88% of Generation X believe fraud will worsen, only 75% of Gen Z and 76% of millennials feel the same. Despite this, younger adults are at greater risk, being more likely than older generations to fall victim to scams and lose larger sums.

Sara Costantini, Regional Director for the UK and Ireland at CRIF, said: “Fraud may not be a new phenomenon, but the digital age has undoubtedly created more sophisticated ways for criminals to exploit consumers and businesses.

“UK consumers clearly feel the most pessimistic about the situation, with expectations for fraud to get worse by 2030 and a widespread belief that major cyber breaches are inevitable. These concerns send a clear signal that fraud prevention and cyber resilience must remain top priorities for the financial services sector.

“At the same time, there are striking generational differences. Older consumers are the most concerned, yet it’s younger generations who are more likely to fall victim – and lose more when they do. This underlines the need for greater collaboration across the sector to improve security, raise consumer confidence and ensure we reduce the impact of fraud in the years ahead.”

Financial fraud cost consumers and providers over £1.1 billion last year, according to UK Finance. As digitalisation accelerates, 75% of Brits believe government and regulators will need to take stronger action to protect consumers.

The findings form part of CRIF’s upcoming Banking on Banks report, exploring the trends shaping European financial services.

Airports across Europe were severely disrupted in September following a cyberattack at Collins Aerospace, a company responsible for many airlines’ check-in systems.