Many of us have encountered fraud online, whether it’s being encouraged to sign up to a false investment scheme rather than a legitimate trading platform or someone trying to access your bank account through an attempt to obtain your personal details. We look at the latest statistics on fraud and cybercrime in the UK.
Fraud statistics: Highlights
£2.7 billion was lost to reported fraud and cybercrime in the UK in the year to September 2023 – this is the equivalent of every adult in the UK being scammed out of £50.
The UK had an estimated 3.5 million fraud offences in the financial year ending March 2023.
Almost 9 in 10 internet users (87%) have encountered what they believed to be a scam or fraud online.
Nearly half of internet users (46%) have engaged with online fraud.
A quarter (25%) of those who encountered fraud online lost money as a result.
Of those who have lost money to online fraud, 1 in 5 (21%) lost £1,000 or more.
£676 million was lost to reported investment fraud in the year to September 2023.
Over £573 million was lost to reported banking fraud in the year to September 2023.
86% of identity fraud occurs through online channels.
8.6 million people in the UK have used fake or fraudulent identities.
The number of identity fraud cases in 2022 was up by nearly a quarter (23%) from 2021.
How common is fraud in the UK?
There were an estimated 3.5 million fraud offences in the year to March 2023, down from 4.5 million in the year to March 2022.
Nearly 9 in 10 adult internet users (87%) have encountered content online that they believed to be a scam or fraud, and almost half (46%) have engaged with an online scam or fraud.
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£2.7 billion was lost to reported fraud in the UK in the year leading up to September 2023, and the true number is likely higher than this. This is the equivalent of every adult in the UK being scammed out of £50.
According to a survey, a quarter (25%) of those who encountered an online scam or fraud lost money as a result. Amongst those who had lost money as a result of a scam, 1 in 5 (21%) lost £1,000 or more.
Investment fraud is the area that saw the biggest losses, with a total of £676 million reported to the police in the year. This is followed by banking fraud, which saw total reported losses of £573.1 million and consumer fraud, which saw reported losses of £541.9 million.
It’s worth noting that cyber-dependent crime refers to “pure” cybercrimes or those that can only be committed by computer – other fraud may still involve digital technologies.
Impersonation fraud is the most common type of online fraud, affecting more than half of internet users (51%). This is followed by counterfeit goods scams, encountered by around 2 in 5 people (42%) and investment, pension or get-rich-quick scams, also encountered by around 2 in 5 people (40%).
Money laundering is the least common type of online fraud, as just 14% of people have come across this. Holiday scams and psychic scams, with less than 1 in 5 internet users encountering these, at 17% and 18%, respectively.
Which platforms are most commonly used for online fraud?
Email is the most common platform where users come across online fraud, with 30% of people who had experienced fraud last seeing it via email. This is closely followed by social media, where almost a quarter (23%) of fraud attempts are witnessed and websites and apps, where almost one-fifth of attempts are seen.
Identity fraud is becoming more commonplace in the UK, especially with the rise of AI and deepfakes.
There were 277,234 cases reported to the National Fraud Database in 2022, up by nearly a quarter (23%) from 2021, when just 225,735 cases were reported.
In the first half of 2023, 122,744 cases of identity fraud were reported to the National Fraud Database. Almost a quarter of these cases (23%) affected those over the age of 61, but cases were also common among younger age groups.
Recent research found that 8.6 million people in the UK (16%) have used fake, fraudulent or someone else’s identity.
Reported fraud losses by area in the UK
Unsurprisingly, Greater London sees the greatest number of fraud reports of the areas monitored in the UK, with an impressive 58,913 reports made to the police in the year leading up to September 2023.
Greater London also sees the highest total losses from fraud, with Londoners losing a grand total of almost £683 million during this time. Kent was the next highest in terms of reported fraud losses, with £108 million, followed by Scotland, with just over £107 million.
The Channel Islands see the lowest number of reports, with a combined total of 313, most likely due to the small number of residents in these areas. However, the value of each reported loss on the Channel Islands is significant, with an impressive £15,335 lost per report.
It’s important to keep in mind that this data covers only losses reported to the police, so other instances of fraud may have gone unreported. You can browse the breakdown of fraud reports by area below!
Danny is a publisher at Finder specialising in insurance and investing. He previously worked at the global insurer Aon and has appeared in national media giving advice on insurance. Danny holds a BA in International Business from the University of Plymouth and has undying loyalty to his average-poor football team, Portsmouth FC. See full bio
Danny's expertise
Danny has written 335 Finder guides across topics including:
Sophie Barber is a content marketing manager for Finder in the UK after previously working as a content manager at a digital marketing agency. She has over 5 years experience in writing and publishing clear, concise and informative online articles for a variety of websites. See full bio
Sophie's expertise
Sophie has written 82 Finder guides across topics including:
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