Fraudemic: Adding to the evidence base on the scale and impact of fraud on the UK

Key points

• Across the period April 2021 to March 2022, we estimate that there were around 10,800 frauds committed per 100,000 adults in the UK population.
• Fraud victims are not just the elderly – in fact, younger people are somewhat more likely to be a victim of fraud than those over 50.
• Fraud doesn’t discriminate by income – both lower and higher earners were marginally more likely to be victims in that period than those in the middle‑income cohorts.
• Email and phone calls were the most common methods through which the most recent fraud suffered by victims were committed.
• More than 8 in 10 victims in the last three years suffered some sort of direct financial loss from the most recent fraud they experienced.
• The economic and social cost of fraud against individuals in England and Wales in 2021-22 could have been as high as £12.8 billion.
• Nearly a third (31%) of the frauds most recently experienced by victims in the UK between 2020 and 2023 had a “major” economic impact on them. Further, victims that were over 65 suffered the largest direct financial losses on average (£6,758) and, along with those on the lowest incomes (annual income of £20,000 or less), were the most likely to say they experienced a “major” economic impact due to the latest fraud they were a victim of.
• Around 7 in 10 victims reported other negative consequences from fraud they experienced, including lower self-confidence, mental health issues and financial disruption.
• People are most likely to report fraud to their bank or building society (56%). A large minority of victims report fraud to the police (31%).

The final report, featuring insights from interviews with victims and a SMF‑convened, policy‑focused expert roundtable on fraud, will be published in the autumn. It will also present recommendations for improvements to the current counter-fraud policy landscape.