Dr. Nicola Harding: Financial Crime Prevention Must Move Beyond Banks and Fintechs

FT Finansal Teknoloji spoke with Dr. Nicola Harding during the Silk Road Forum 2026 in Tashkent about financial crime, cybercrime, AI-enabled fraud and the lessons rapidly digitising financial systems can take from the UK experience.

Harding highlighted several critical points in the fight against financial crime.

Frictionless finance creates new risks

Harding noted that increasingly seamless financial services can improve accessibility and user experience, but they can also create new fraud risks.

Drawing on the UK experience, she said highly frictionless onboarding and instant payments have brought convenience, while also increasing exposure to financial crime and cybercrime.

Financial crime remains underreported

Another issue Harding highlighted is underreporting.

She explained that individuals and businesses may choose not to report fraud because of reputational concerns, embarrassment or the fear of appearing vulnerable.

As a result, the officially recorded level of financial crime may represent only part of the real problem.

AI strengthens both sides

According to Harding, artificial intelligence creates opportunities for both criminals and financial institutions.

AI can make fraud more scalable and sophisticated, but it can also improve detection, risk scoring and transaction monitoring.

However, Harding stressed that human expertise remains essential, particularly in compliance and fraud teams.

Reimbursement is not prevention

Harding also discussed the UK’s approach to authorised push payment fraud and reimbursement rules.

She argued that reimbursing victims is important, but does not eliminate the underlying criminal activity or stop funds from reaching criminal networks.

For this reason, financial crime prevention should focus not only on compensating victims after an incident, but on reducing the opportunity for fraud before it happens.

Responsibility should extend beyond financial institutions

Harding’s central argument is that financial crime should be treated as a broader technology and society issue.

She said responsibility should extend beyond banks and fintech companies to include technology platforms and social media companies, particularly where fraud originates before a payment is made.

Her message was clear: financial crime prevention should become a shared responsibility across the entire ecosystem.