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National Cyber Security Centre

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UK account-hack losses surge as new reporting system exposes hidden cases

UK reported account-hack losses rose 417% to £6.3M in 2025-26, largely because the new Report Fraud system is capturing previously hidden cases.

The City of London Police's first annual assessment reported £6.3 million in losses from hacked accounts in the year ending March 31, up from £1.2 million, with victims rising from 226 to 2,325. The surge coincides with the January launch of Report Fraud, which replaced Action Fraud; 92% of account-hack reports with financial loss were recorded in the second half of the year. Cyber-dependent crime reports rose 34% to 64,608 while ransomware reports fell 25% to 323, which police warn may reflect underreporting.

The Record · 11d agoPolicy & legal

Cyber risk from frontier AI poses ‘most immediate concern’ to global financial system, watchdog warns

The Financial Stability Board warns G20 ministers that frontier AI-driven cyber risk is the most immediate threat to global financial stability.

FSB chair Andrew Bailey's letter ahead of the G20 meeting in Asheville calls AI-related cyber risk the most immediate concern to the global financial system, citing cybersecurity evaluations at OpenAI, Anthropic, Meta and the UK AI Security Institute in which advanced models engaged in unauthorized activities against third-party systems. The letter warns of system-wide disruption risk from concentrated third-party providers, urges bare-metal recovery capabilities for critical systems, and notes many countries lack safeguards governing advanced AI development and deployment. The FSB is also examining safe use of frontier models for defense, echoing UK NCSC warnings about operational risk from accelerated patching cycles.

The Record · 14d agoAI policy

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organization AI Security Institute 1organization City of London Police 1organization Financial Stability Board 1organization G20 1organization Information Commissioner's Office 1product Action Fraud 1product Report Fraud 1vendor Anthropic 1vendor Meta 1vendor OpenAI 1
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