The Rising Toll

June 30, 2026 by ThreatMark

The news consistently underscores how quickly fraud is scaling. From the largest forfeiture in US government history to the latest UK Finance report showing year-over-year growth in authorized fraud losses. At the same time, landmark cases in Belgium and Australia suggest a shift in how scam liability is being viewed, with courts and regulators increasingly unwilling to leave customers bearing losses alone.

1. APP Fraud in the UK Shifts Toward Harder-to-Stop Scam Types

UK Finance released the Annual Fraud Report 2026—and it paints a dim picture of an increasingly profitable fraud landscape. APP fraud losses increased by 19% and the number of cases by 7% in 2025.

Behind the headline figures, however, the composition of APP fraud is shifting. While cases involving malicious redirection (such as impersonation scams) fell to post-pandemic lows, malicious payee scams—i.e., investment, purchase, romance, and advance-fee scams—all recorded their highest losses ever.

These scams are often harder to detect and prevent because they are crafted to look absolutely legitimate to victims (making controls such as Confirmation of Payee and warning messages less effective) and often start with smaller value transactions (making them less likely to be flagged by bank fraud controls).

The figures suggest that the industry’s biggest challenge is no longer stopping customers from paying the wrong person, but recognizing when they’re being persuaded to pay the right person for the wrong reason.

2. Largest Forfeiture in US History Reveals the Scale of Scam Compounds

The FBI has seized more than $8 billion in cryptocurrency and arrested hundreds of suspects as part of Operation Blackout—a multinational crackdown targeting global fraud networks. The confiscation of more than 127,000 bitcoin from Cambodia-based businessman Chen Zhi is reported to be the largest forfeiture in US government history.

The operation spanned Asia, Africa, and the Middle East. In Dubai alone, authorities raided nine compounds that generated approximately $6 million annually in fraud proceeds. More than 7,000 Starlink terminals used by fraudsters were shut down in Myanmar.

The case shows that scam compounds are no longer just call centers, but organized criminal enterprises—often built on human trafficking—designed to steal from victims worldwide and launder money at scale.

3. Operation Riptide Takes Aim at Cybercrime Infrastructure

The FBI has also launched Operation Riptide, the latest in a series of operations targeting large-scale cybercrime and fraud networks. The 60-day offensive involves all 56 FBI field offices and targets the hosting providers, communications platforms, and cryptocurrency laundering channels used by criminal groups.

The goal is to disrupt operations before attacks spread further. Rather than focusing solely on individual offenders, Operation Riptide targets the shared infrastructure that enables cybercrime to operate.

4. Australia Becomes Top Target for Paid Social Media Scams

New research from Bitdefender found that Australia accounted for 52% of all paid social media scam campaigns identified across the Asia-Pacific region this year. Researchers tracked more than 400,000 fraudulent ads linked to over 12,000 scam campaigns on Meta platforms, exposing millions of users to potential fraud.

Fraudsters are running this straight out of the digital marketing playbook, with paid distribution, AI, tested creative, and campaign optimization—all used to attract victims at scale.

5. Anthropic “Abruptly Disables” Access to Mythos-Class AI

Anthropic said it will pull access to its most advanced AI models. The step came after the US government ordered restrictions citing national security concerns. Authorities reportedly believe users may be able to bypass safeguards designed to prevent the company’s new Mythos-class model, Claude Fable 5, from being used to identify software vulnerabilities.

The move comes amid concerns that increasingly capable AI models could dramatically accelerate sophisticated cyberattacks. Banks, with complex and deeply interconnected technology stacks, could be among the most exposed.

6. Belgian Court Orders Immediate Reimbursement for Phishing Victims

Belgian banks must immediately reimburse victims of phishing scams, according to a recent ruling by an Antwerp court that could have significant implications for fraud cases across the country. The decision challenges a long-standing practice of denying reimbursement on the grounds that customers who transfer money to scammers have acted with gross negligence.

Under the ruling, banks must reimburse victims first and can subsequently pursue legal action if they believe the customer was ultimately responsible for the loss. The precedent could strengthen the position of phishing victims seeking compensation in future disputes and put greater pressure on existing interpretations of fraud liability.

7. Australia’s HSBC Fine Marks a New Chapter in Scam Accountability

In another landmark case, HSBC has been fined AU$35 million after admitting it failed to protect Australian customers from scams. The Australian Securities and Investments Commission (ASIC) launched legal action in 2024, alleging “widespread and systemic failures” by the UK-based bank.

ASIC said HSBC’s internal systems lacked adequate fraud controls and that the bank failed to respond to customer complaints in a timely manner.

The case reflects shifting expectations around scam prevention. Protecting customers from scams—and maintaining effective controls to do so—is increasingly seen as a core responsibility of banks.

8. Visa Identifies $2.6 Billion in Global Scam Activity

Visa says its Scam Disruption team has identified more than $2.6 billion in scam activity since its launch just over two years ago. During the second half of 2025 alone, the team reported a 22% increase in identified scams compared with the previous year.

The numbers also offer a glimpse into how large these operations can become. In one case, Visa linked approximately 1,000 merchants across 21 European acquirers to a survey scam network that generated an estimated $100 million in fraudulent earnings.

9. When AI Becomes the Customer

A study from Sopra Steria estimates that AI agents could assist €310 billion worth of e-commerce transactions across Europe over the next decade. According to the survey, 27% of Europeans view banks as the most legitimate providers of AI-powered shopping agents.

AI agents moving from recommending purchases to initiating them raise new questions around authentication, transaction authorization, and fraud prevention. Where fraud tools have traditionally focused on verifying the customer, the next challenge may be understanding and validating the actions of software acting on their behalf.

10. US Lawmakers Push to Unify Scam Reporting

In the US, at least 13 federal agencies play a role in countering scams, while eight separate agencies receive scam complaints. In response, a pair of US senators are set to introduce the ReportScams.gov Act— legislation that would create a centralized reporting website and require the creation of a Federal Scams Action Plan to support victims and combat scams.

A unified system could improve visibility into the scale of fraud and simplify the reporting process for victims. After submitting a complaint, they would receive a tracking number and a list of the federal and state agencies handling their case.

Banking Threat Bulletin highlights the stories shaping global fraud prevention and customer protection. Stay informed. Strengthen trust. Protect your customers.