Insights ¦ UK Finance Annual Fraud report 2025

Key Take Aways

1. Fraud remains the most prevalent crime in the UK, inflicting broad societal and economic harm beyond financial losses, including psychological impacts such as loss of confidence and mental health issues.
2. Industry-wide efforts, notably the establishment of dedicated fraud units and intelligence sharing platforms like the DCPCU and BPS, have resulted in significant financial recoveries (£1.45 billion prevented in 2024) and organised crime disruption.
3. The total value of fraud losses held steady at approximately £1.17 billion in 2024, with case volumes reaching a record high of over 3.3 million—a 12% increase indicating more victims being targeted.
4. Authorised Push Payment (APP) fraud saw a reduction in overall losses (-2%) and case volume (-20%), reflecting increased industry intervention and the impact of mandatory reimbursement regimes.
5. Despite declines in APP fraud, remote purchase card fraud increased by 15%, driven by a surge in remote purchase cases and social engineering techniques targeting OTPs.
6. The implementation of mandatory reimbursement in October 2024 appears to have recovered approximately 86% of losses from in-scope APP scams, signifying a proactive industry response.
7. Fraud on remote banking channels (internet, mobile, and telephone) demonstrated a 17% reduction in cases, indicating efficacy in technological and procedural advancements.
8. Contactless card fraud decreased slightly at £82.1 million, though contactless remains a small percentage of total card fraud losses, affirming its relative security.
9. The rise in high-value, low-volume fraud types such as investment scams (+34%) and CEO fraud (+2%) points to evolving criminal tactics targeting more profitable schemes.
10. The data suggests that criminals are shifting tactics, increasing targeting in categories like remote purchase, while also exploiting online and telecommunications enablers heavily.
11. The investigation and disruption of fraud, including closing down scam factories and targeting organised crime groups, are central to reducing overall fraud flows.
12. Public education campaigns and legal reforms are vital to complement technological measures, as ongoing social engineering and impersonation scams continue to adapt and persist.

Key Statistics

• Total fraud losses in 2024 totalled £1.17 billion, broadly unchanged from 2023.
• Confirmed fraud cases increased by 12%, reaching over 3.3 million incidents.
• 86% of APP scam losses were reimbursed following the mandatory reimbursement regime in October 2024.
• APP fraud cases fell by 20%, with a 2% decrease in overall losses to £450.7 million.
• Remote purchase fraud cases increased by 22%, with losses up by 11% to £399.6 million.
• Non-authenticated online shopping fraud constitutes 80% of CNP (card-not-present) fraud, with case numbers reaching over 2.5 million.
• Contactless card losses dropped slightly to £82.1 million, representing 7% of total card fraud.
• Remote banking fraud cases declined by 17% to around 31,158, with losses falling 7% to £141.3 million.
• Overall unauthorised fraud prevention measures prevented £1.45 billion in 2024.
• The number of cases involving impersonation scams declined by 24%, with total losses reducing by 38% to £35.8 million.
• The value of internet banking fraud decreased by 12%, while cases dropped by 33% to under 10,000.
• The return-to-victim ratio for various scam types has improved, with increased recovery rates and awareness campaigns impacting lower-value scams.

Key Discussion Points

• The resilience of fraud in the UK, with persistent social engineering and technological exploits, underscores the need for continuous strategic action.
• Industry collaborations, such as the establishment of law enforcement units and intelligence-sharing systems, have yielded tangible financial and criminal disruption benefits.
• The increase in case numbers versus stable or declining financial losses highlights the growing volume of victims but potentially improved detection leading to prevention.
• The decline in APP fraud suggests the positive impact of technological enhancements and consumer education, but high-value schemes like investment and CEO fraud remain problematic.
• The rise in remote purchase fraud indicates criminal adaptability, exploiting social engineering techniques and OTP vulnerabilities.
• The introduction of mandatory reimbursement rules is a significant shift, improving victim recovery rates but raising concerns about shifting criminal tactics to international schemes.
• The decline in face-to-face and contactless card fraud affirms the value of chip and PIN technology but does not eliminate low-tech methods such as distraction thefts.
• The rapid growth in online and telecommunications-enablers’ role accentuates the importance of cross-sector data sharing and platform accountability.
• The ongoing importance of public awareness initiatives, like the ‘Take Five’ campaign, in reducing victim susceptibility to scams.
• The shifting profile of fraud, with increased high-value, low-volume scams targeting corporate entities, requires tailored preventative and detection strategies.
• The evolving role of AI and social engineering techniques as future threats necessitates adaptive, behavioural-based detection methods.
• Continued enforcement actions and industry-led disruption remain critical, alongside legislative and consumer education efforts, to sustain progress against sophisticated fraud schemes.

Document Description

This article is a comprehensive report summarising the evolution and current state of fraud in the UK for 2024, articulated by UK Finance. It consolidates data provided by industry contributors, law enforcement, and regulators, offering insights into fraud trends, prevention measures, and the effectiveness of recent reforms. The report covers a broad spectrum of fraud types—including unauthorised and authorised payment fraud, card fraud, remote banking scams, and impersonation schemes—highlighting the importance of collaboration, technological innovation, and proactive prevention in safeguarding financial services and consumers. It offers critical statistics, discussion of evolving tactics, and outlines strategic priorities for industry stakeholders aiming to mitigate fraud risks and enhance resilience.