Open Banking Payments Fraud Monitor – June 2026 Edition (Open Banking Limited)

Summary

• In Full Year 2025, the Open Banking fraud rate by volume was 0.017% compared to 0.043% for the wider industry.p.4
• The average transaction value for Open Banking fraud was £785 compared to £266 for the wider industry benchmark in 2025.p.4
• In Q1 2026, Open Banking fraud volume rose to 0.024%, up 0.003 percentage points from the previous quarter.p.9
• Authorised Push Payment (APP) fraud accounts for more than two thirds of total reported fraud, recording a volume rate of 0.017% in Q1 2026.p.9
• The consumer fraud rate by volume stood at 0.024% in Q1 2026, compared to a business fraud rate of 0.003%.p.9
• The average transaction value for fraudulent payments dropped to £676 in Q1 2026, marking a reduction of £275 over the quarter.p.10

Key insights

1. Open Banking fraud volume remained lower than the wider industry at 0.017% compared to 0.043% in 2025.p.4
2. Higher-value use cases in Open Banking resulted in an average fraudulent transaction value of £785 versus £266 across the broader industry.p.4
3. Authorised Push Payment fraud accounts for more than two thirds of total reported cases in Open Banking.p.9
4. Single immediate payments exhibited a fraud volume rate of 0.026% compared to 0.007% for variable recurring payments in Q1 2026.p.9
5. Fraud rates in app-authenticated journeys are growing more quickly than browser-authenticated journeys despite browser fraud remaining higher overall.p.9
6. Investment fraud value dropped from 0.015% in Q4 2025 to 0.009% in Q1 2026 but remains a major high-loss typology.p.12
7. Social engineering techniques including impersonation, smishing, and fake refunds represent the main driver of Open Banking fraud.p.4
8. Transaction Risk Indicators live pilots proved effective in identifying fraudulent payments and reducing false positives.p.6