Open Banking fraud is below industry benchmark

Fraud rates within Open Banking payments remain below wider UK payments industry benchmarks as adoption of Open Banking continues to grow, according to the first edition of the Open Banking Payments & Fraud Monitor, published today by Open Banking Limited (OBL).

Drawing on data from account providers representing more than 60% of Open Banking payment volumes, the biannual Monitor provides one of the most comprehensive views available of fraud trends within Open Banking payment journeys, benchmarked against wider UK payments industry data.

The Monitor also highlights how fraud patterns are evolving across the wider payments landscape, reinforcing the importance of continued collaboration, data sharing and effective fraud prevention efforts across the industry.

The findings show that Open Banking fraud remains lower than wider industry benchmarks by volume. During 2025, around one in 6,000 Open Banking payments were fraudulent, compared with around one in 2,500 payments across the wider payments industry.

Overall, fraud volume increased to 0.024% in Q1 2026, up from the same period a year earlier, while Authorised Push Payment (APP) fraud continues to account for more than two-thirds of Open Banking related fraud cases. Criminals are increasingly using sophisticated social engineering techniques, investment scams, impersonation scams and emerging fraud journeys that aim to blur the distinction between authorised and unauthorised fraud.

Henk Van Hulle, Chief Executive Officer of Open Banking Limited, said Fraud in Open Banking continues to compare favourably with wider industry benchmarks, but the data also highlights how quickly fraud is changing. Fraudsters are constantly adapting, which is why collaboration, data sharing and effective prevention remain essential.

“Every fraud statistic represents a real incident that affected someone. Keeping those numbers as low as possible is a responsibility we all share.”