UK Financial Fraud Statistics 2022: £1.2 Billion Stolen, £1.2 Billion Prevented
In the UK, an estimated £1.2 billion was stolen through various forms of financial fraud in the year 2022, representing an eight percent decrease compared to the previous year. This equates to over £2,300 being taken every minute.
Prevented Fraud: £1.2 Billion and Counting
The banking and finance sector successfully prevented an additional £1.2 billion in unauthorised fraud from falling into the hands of criminals.
Unauthorised Fraud: A £726.9 Million Loss
- Payment card fraud: £187.5 million
- Remote banking fraud: £216.8 million
- Cheque fraud: £322.6 million
- Total losses: £726.9 million
Authorised Push Payment (APP) Fraud: £485.2 Million in Losses
- Impersonation scams: £177.6 million
- Purchase scams: £117,170 incidents, £67 million in losses
- Total losses: £485.2 million
Digital Fraud: Online Sources Lead to 78% of APP Fraud Cases
Online sources accounted for 78 percent of all APP fraud cases and led to 36 percent of the total losses.
Telecommunications: High-Value Fraud Origin
Telecommunications were the origin for 18 percent of fraud cases, but with high-value transactions, they caused 44 percent of the total losses.
David Postings, CEO of UK Finance, highlighted the impact of fraud: “Fraud has a devastating impact on victims.” The industry continues to invest billions annually in detection and prevention, but even when fraud originates outside the banking system, the sector refunds victims.
The Call for Cross-Sector Action
Postings emphasised the need for greater cross-sector action, saying: “The government’s new fraud strategy rightly says we need to focus on stopping fraud at source, and that these other sectors need to do far more to tackle the problem they are facilitating.”
For comprehensive information, download the Annual Fraud Report from the UK Finance website.