Home Business News Brits lost almost £4 billion to fraud in the last 12 months

Brits lost almost £4 billion to fraud in the last 12 months

by LLB Finance Reporter
6th Apr 23 10:27 am

According to data presented by Atlas VPN, United Kingdom residents lost a shocking £3.9 billion to fraudsters in the last 12 months, which averages out to about £10.7 million per day. During this period, there were 345,228 reported fraud cases.

However, the reported figures on fraud may only reflect a small portion of the actual occurrences since numerous instances of fraudulent activities go unreported.

These figures were calculated based on the NFIB Fraud and Cyber Crime Dashboard data. The data encompasses the period between April 2022 and March 2023.

London recorded the highest number of reported fraud cases, with 59,449 instances resulting in a massive £1.8 billion loss, constituting nearly half (46%) of the total losses.

East England followed with 41,871 cases and £268 million in losses, while the North West had 38,627 cases and £171.9 million in losses. Although the South East region had fewer fraud cases (37,799) than East England and the North West, it incurred higher losses amounting to £390.4 million, making it one of the regions worst hit by fraud.

Online shopping and auction scams were the most common

Fraudsters employed various tactics to lure out funds from unsuspecting victims. However, certain types of fraud were more widespread than others.

Online shopping and auction scams were the most frequent types of fraud, with 67,460 cases reported in the past year, costing victims £103.2 million, or approximately £1,530 per scam.

Advance fee frauds came in second, with 27,536 reported cases in the last 12 months, robbing consumers of £53.8 million, or £1,954 per fraud case.

Cheque, plastic card, and online bank account fraud took the third spot on the list, with 24,746 cases reported, collectively costing consumers a staggering £823.5 million — more than any other type of fraud. This equates to around £33,278 per fraud instance.

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