How the UK is tackling industrialized crypto fraud
Global illicit financial activity reached an estimated $4.4 trillion in 2025, according to Nasdaq Verafin's Global Financial Crime Report, and crypto-enabled scams alone could reach as much as $17 billion, according to the latest Crypto Crime Report.
And the average victim is losing more than ever: the typical scam payment surged 253%, from $782 in 2024 to $2,764 in 2025, as criminal operations became more convincing and significantly more ruthless.
The reasons why are unfortunately clear. Scams are now run by networks that operate like corporations, with different actors specializing in victim data acquisition, social engineering, and laundering proceeds.
Crypto, particularly stablecoins through which 84% of illicit activity now flows, gives criminals both liquidity and speed to extort and launder.
Meanwhile, AI, when deployed as part of scams, makes them 4.5 times more profitable per operation than those relying on conventional methods. Nowhere is this more apparent than in impersonation...
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