Rising tide of fraud: UK losses surge to £593m in Q2 2023


In Q2 of 2023, the UK saw a rise in fraudulent activity with a loss of £593m, pushing the total stolen cash in the past year to almost £3.5bn.

The money.co.uk Fraud and Cyber Crime Report reveals a rise of 1,407 fraudulent cases between April and June, compared to the first quarter of the year.

Investment fraud was the most financially damaging, with total losses from April to June adding up to £135.2m. Consumer fraud was the most common type, with more than 31,000 cases totalling £93m in losses. Online shopping fraud accounted for over 20% of all fraud and cybercrime reports in the quarter.

Public sector fraud, particularly pension fraud, saw a notable increase this quarter, with over £50m in losses. Age groups 30-39 and 20-29 were most targeted, while older individuals were more susceptible to specific categories like computer software service fraud. Northamptonshire, Warwickshire, and Leicestershire saw the most significant increases in fraud cases.

Fraud and Cyber Crime were slightly up from the previous quarter in 2023, with a total of 86,578 crimes recorded. Losses were up by around £593m. 6 of the 45 mainland forces saw rises of more than 5%, while only 10 saw drops of more than 5%, including areas such as Humberside, Sussex, and Police Scotland.

Money.co.uk offers advice on how to protect oneself from fraud when shopping online and highlights the extra protection available under Section 75 of the Consumer Credit Act.

James Andrews, money.co.uk credit card expert, said: “Cyber crimes have cost Brits nearly £4 billion in the past year. This is a reminder for us how important it is to protect our digital data and be more vigilant when making purchases online. Using a credit card to pay for purchases gives you extra protection when shopping online. Making sure you have up-to-date antivirus software on your computer, phone and tablet can also help protect yourself from cyber attacks.

“Ensuring online accounts have a strong password is another important step towards cyber security… If you do find yourself in a position where you have unexpectedly lost money, it is important that your bank is made aware of this as soon as possible.”

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