Total reported fraud losses increased 6% to £2,255,491,192 in 2024, from £2,115,281,935 the previous year as fraudsters become increasingly sophisticated at targeting victims. However, the volume of fraud reports fell slightly to 318,848 in 2024 from 326,199 in 2023. The top three types of fraud were online shopping and auctions (52,980), other advanced fee frauds (29,876), and cheque, plastic card and online bank accounts (26,419).

Other types of fraud, which saw an increase year-on-year, included computer software service fraud (6,465 in 2023 to 11,921 in 2024); dating scams (8,608 to 9,096); ticket fraud (8,811 to 9,824); and door to door sales and bogus tradesmen (5,859 to 6,293).

Over a third (35%) of fraud reports were disseminated to police forces in 2024 (112,986), up from 24% (79,509) in 2023 – showing more reports of fraud are being progressed to formal investigation, aligning with the government’s increased focus on tackling fraud.

Erin Sims, fraud risk services director at the leading audit, tax and consulting firm RSM UK, said: “Advanced technology, such as artificial intelligence, clearly has its benefits for individuals and businesses, but it also poses risks, particularly in the wrong hands. Fraudsters are harnessing these technologies to find innovative ways to commit fraud using deepfakes and more targeted, tailored attacks to gain the trust of victims.”

The increased accessibility and ease of use of new technologies means even those with limited expertise can now deploy them, often on an industrial scale.

Sims continues: “Fraud is predominantly digital, highlighting the importance of staying vigilant online. The rise of hybrid working has brought an increase in fraud and cybercrime aimed at employees. It’s therefore crucial that businesses equip their workers with the necessary prevention training to identify warning signs, as the consequences can be devastating for both consumers and businesses. In addition to the obvious financial loss, fraud can also lead to reputational damage for businesses, while for individuals, it can significantly affect mental health.”

While these figures represent incidents of fraud that have actually been reported, it’s likely many instances of fraud goes unreported.

Sims concludes: “Sadly, there are many victims of fraud that hesitate to report their experiences due to the perceived stigma and victim blaming associated with this type of crime. It’s crucial that incidents of fraud are reported to hold fraudsters accountable and to obtain an accurate picture of the current landscape. While it’s encouraging to see increasing collaboration across industries to tackle fraud, much of these efforts are piecemeal and aren’t mandated, so there’s still room for improvement.”