The UK has lost £1.6Bn to fraudsters and cyber criminals this year

by | Sep 17, 2023

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New research from London IT support provider Amazing Support reveals that the UK has lost a total of £1.6Bn to fraud and cyber-related crime since the start of the year.

Analysing data drawn from Action Fraud’s website, figures show that from a total of 240,067 reports made, 212,343 of these have come from the UK’s general public, amounting to losses of £1.2Bn. Meanwhile, UK businesses have lost up to £395.3M from a total 26,663 reported cases, while further loss of £4.5M has been reported from 1,061 cases of unknown origin.

The latest figures show August as having the largest number of reported cases across the year, with 34,929 reports amounting to total losses of £192.3M. This marks a current high in continually rising figures since April.

UK Cyber Crime & Fraud stats, 2023 overview

MonthNumber of ReportsReported Losses (£M)Individual ReportsIndividual Losses (£M)Business ReportsBusiness Losses (£M)
January28,496179.925,007120M3,36258.2
February25,760147.922,312114.7M3,35832.8
March30,915199.227,125143.7M3,69054.7
April26,966133.923,910100.1M2,95133.6
May28,558246.325,346196.8M3,08749.2
June31,063212.827,493133M3,42679.4
July33,380242.829,827202.3M3,37239.8
August34,929192.331,323144.5M3,41747.6

The largest named platform for fraudulent activity toward individuals throughout the year relates to activity involving online shopping and auctions, of which the 47,300 reported cases account for one in five (22%) of all reports made by the general public this year. The highest losses, however, come from activity relating to cheque, plastic & online banking activities.

 
 

The primary group affected by these transactions are those between the ages of 20-39. Looking at the statistics, those aged 30-39 appear most at risk, however, criminal activity relating to Advance Fee Frauds has been shown most prevalent amongst those aged 60-69, who have reported losses of £6.5M across a total of 3,255 this year.

UK Cyber Crime & Fraud stats, 2023 by named category

Crime CategoryNumber of ReportsReported Losses (£M)Most Affected Age GroupNumber of Reports in Age GroupReported Losses in Age Group (£M)
Online Shopping & Auctions47,26234.530-3911,0176.8M
Other Advance Fee Frauds18,96543.760-693,2556.5
Cheque, Plastic & Online Bank Accounts13,12780.530-3940,912144.5
Other Non-Consumer Investment Fraud12,9054830-393,0419.8

In all, the split between reports made by men and women through the year has been balanced, with 38% of reports being made by men, 37% being made by women and a further 24% being uncategorised. Across all personal cases reported through the year, however, only half (53%) requested support after raising their issues.

Commenting on the findings, Amazing Support Co-Founder and Director David Share said:“Fraud and cyber crime continue to be a major issue for the UK’s general public and businesses, and these latest statistics from the National Fraud Intelligence Bureau show a worrying increase in activity over the course of the year. As we head into Black Friday, Christmas and a period in which online shopping will undoubtedly see an increase in activity, it is important to take all the necessary precautions to ensure any online transactions are safe and secure.”

 
 

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