The total value of fraud and economic crime reported in the UK during 2024 declined by 76% compared to 2023.
Despite this, fraud and economic crime remains one of the most significant risks for businesses, individuals, and public institutions. Although reported fraud losses have declined, the number of incidents reported remained high. Perpetrators of fraud are adapting quickly, using new technologies and exploiting a range of old and new opportunities. Increased scrutiny and new legislation are pushing many organisations to take fraud risk management more seriously. However, it is generally accepted that fraud remains underreported, especially among individuals, which raises questions about awareness, accountability and the true scale of the problem. Although eliminating fraud and economic crime entirely is an aspiration that may not be achieved, staying ahead of emerging threats is essential. A proactive, collaborative approach is crucial in the fight against financial crime.
Discover the recent changes in the most prevalent types of fraud and economic crime, the rise of sophisticated AI and tech-driven frauds, and the need for strong prevention strategies.
Read the full report to find out:
- How high-value cases represented almost 70% of the total reported fraud and economic crime value in the year
- How AI is becoming both an enabler of sophisticated fraud, but also a powerful tool for fraud detection and prevention
- The reported value of different types of fraud and economic crime including money laundering and financial investment fraud
- Which sector saw an over 1,200% increase in reported fraud in 2024
- Which region made up 79% of total reported fraud value.
The data analysis used for FraudTrack 2025 is based on all reported fraud cases across the UK with a monetary value of over £50,000 from 1 December 2023 to 30 November 2024. Each year we analyse the nature of reported fraud from a variety of news and reporting sources.
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