The research, undertaken by SEON, used data and statistics from KPMG and Action Fraud to determine the most common types of fraud the most costly types of fraud and ways to avoid fraud in the UK.
In 2020, there were 180 fraud cases brought to UK court where £100k+ was lost. In 2021, that number rose to 298, a massive 66% increase.
The most costly types of fraud in the UK:
|
Most Costly Fraud Types |
Losses |
|
Other Financial Investment |
£318m |
|
Check, Plastic Card and Online Bank Accounts |
£184m |
|
Share Sales or Boiler Room Fraud |
£171m |
|
Total |
£2.35bn |
Other Financial Investment
Financial Investment fraud was the most damaging in the UK. A whopping £318 million was lost to fraud in the UK through this type of fraud.
Cheque, Plastic Card and Online Bank Accounts
Cheques, plastic, card, and online bank accounts, the most common type of fraud seen in the UK, saw UK citizens, organisations, and banks lose a total of £184 million over 2021.
Share Sales or Boiler Room Fraud
Share sales or boiler room fraud, also known as call centre fraud, cost the UK £171 million in 2021.
The most common types of fraud in the UK:
|
Most Common Fraud Types |
Reports |
|
Cheque, Plastic, Card & Bank Account |
336,707 |
|
Online Shopping and Auctions Fraud |
103,254 |
|
Application Fraud (excluding mortgages) |
91,593 |
Cheques, plastic, card, and bank account fraud made up the largest proportion of total reports last year in the UK, a whopping 336,707 reports equating to 38.45% of all reports.
The second most common fraud was online shopping and auction frauds, which accounted for 11.79% of all frauds in the UK over 2021.
Application fraud saw over 91,000 reports last year in the UK, and this is excluding mortgage fraud.
Further Insight:
How to Avoid Fraud - The Best Fraud Prevention and Detection Features
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Control online account openings
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Secure login authentication
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Ensure PSD2 and 3DS 2.0 compliance
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Keep acquiring costs at bay
