UK Finance said it was “shocked but not surprised” at a 4% increase in the amount stolen by payment fraudsters, and called for more action by tech firms that are inadvertently “profiting” from fraud.
The banking industry body called for stronger, enforceable responsibilities to be placed on social media companies.
During a media briefing in the lead-up to the announcement of its latest payment fraud figures, Ruth Ray, managing director of economic crime at UK Finance, said: “The alarming truth is that the tech platforms are financially benefiting from fraudulent advertising. It’s wholly wrong that other sectors are knowingly profiting from fraud and scams due to loose controls around advertising.”
She pointed out that this includes platforms such as Facebook Marketplace, Instagram and TikTok. “Many of these large online social media platforms are where criminals prey on their victims,…
THE TD BANK INSIDER “BRIBE-FOR-DATA” SCHEME (USA)
Date: February 17, 2026 Perpetrator: Edward Low (Former Bank Employee)
Case Description: In a high-profile case of “Insider Threat,” Edward Low, a former employee of TD Bank in New York, pleaded guilty in a New Jersey federal court to accepting bribes in exchange for confidential customer data. Between 2021 and 2022, Low leveraged his internal access to harvest the personal details of high-balance account holders. He then sold this “hot data” to external fraud syndicates for as little as $26,700 in personal kickbacks.
The external fraudsters used the information Low provided to conduct “Account Takeovers” (ATO), creating fraudulent checks and falsifying bank records to drain over $500,000 from unsuspecting customers. Low even went as far as helping co-conspirators open shell company accounts at a second financial institution where he was later employed. He now faces a maximum penalty of 30 years in prison. This case has sent shockwaves through the global banking sector, highlighting that even the most robust external firewalls cannot protect against a “rogue insider” with administrative credentials.
Link to Original: US Dept of Justice – TD Bank Insider Plea