Fraud op risk losses edged up at UK banks in 2020

External and internal fraud accounted for the lion’s share of the operational risk losses at five top UK banks in 2020, and made up a greater portion of the average total than the year before, Risk Quantum analysis shows.

At Barclays, Lloyds, NatWest Group, Santander UK and Standard Chartered, fraud was cited as the cause behind 38% of total op risk losses by value on average. The year before, it was 22%.

Santander UK attributed 59% of total op risk losses incurred last year to fraud, compared

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