In 2022, the total monetary value of reported fraud in the UK stood at £1.1billion, reversing the leap to £10 billion in 2021. Now that fraud value has dropped back to it’s pre-pandemic levels, not skewed by cases around government Covid-19 support schemes, other trends are beginning to emerge.
High value frauds decreased in number, but still make up the majority of the value lost to fraud across the year, demonstrating just how huge an impact a single case of fraud can have on an organisation. There were sharp increases in fraud across several industries, and a surge in money laundering cases.
FraudTrack data analysis is based on all reported fraud cases across the UK with a monetary value of over £50,000 from 1 December 2021 to 30 November 2022. Each year we analyse the nature of reported fraud from a variety of open news and reporting sources.
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Key findings include
- High value frauds (those over £50 million) continued to dominate the statistics and made up 65% of the total fraud value in the year
- 48% of the high value frauds reported in 2022 were Third Party Frauds (i.e. frauds conducted by suppliers, customers and other external entities)
- There were a total of 267 reported fraud cases in 2022 representing a 4% decrease from 2021
- Third party fraud was the highest ranked type of fraud for the third year in a row and accounted for over one-third (37%) of the total reported fraud value in 2022
- Finance and Insurance is the industry sector which reported the largest monetary value of fraud in 2022 reporting £791.7m equating to 71% of the total
- London & the South East was the number one hot spot for reported fraud in 2022