UK Scam Losses Surge 50% Annually to £11.4bn – Source: www.infosecurity-magazine.com

UK consumers have been on the receiving end of a huge influx of online fraud, losing over £11bn ($13.8bn) in the past 12 months, according to Cifas.

The fraud prevention non-profit surveyed 2000 Brits to compile its latest report, The State of Scams in the UK.

It revealed that fraud losses in the UK, dominated by online scams, grew £4bn from the previous year. Their value is now equivalent to 0.4% of the UK’s GDP.

Some 15% of survey respondents said they lost money to criminals in 2024 – up from 10% in 2023 – with the average loss per victim at £1400.

Less than a fifth (18%) of victims recovered all their money, which may explain why just 28% reported their experience to the police, a 5% increase on 2023. A third (32%) described the government’s anti-fraud efforts as “very poor.”

Read more on scams: APP Fraud Dominates as Scams Hit All-Time High

Shopping scams and identity theft were most common over the past year, although cases of investment fraud increased by 5% annually, according to Cifas.

At almost 70% of respondents, email was cited as the most common channel via which fraud was committed last year, just ahead of text messages and phone calls. Gmail was the most exploited platform, followed closely by WhatsApp and Facebook.

Cifas CEO, Mike Haley, explained that victims often feel shame after being taken in by scammers, as well as suffering financially.

“There has never been a greater need to protect people and shift the dial on the UK’s scams emergency,” he added.

“However, industry cannot do this alone. We need greater cross-sector collaboration and an ability to share data and intelligence from all industry sectors as well as government departments, law enforcement and the public sector.”

Black Friday Showdown Approaches

The news comes as Black Friday shoppers brace for a deluge of digital fraud. NatWest warned yesterday that two-fifths (41%) of UK adults are approached more frequently in November and December versus the rest of the year.

Appdome director, Jack Kerr, argued that scammers are largely opportunistic, so it’s no surprise that they come out in force in the run up to Christmas.

“Mobile apps have become an integral part of our daily lives. As such, they make the perfect target for scammers,” he added. “Not only do they handle sensitive information, but they also facilitate billions of pounds in transactions. Yet, despite the availability of advanced security solutions, many mobile brands continue to overlook security.”

According to Cifas, 10% of scams over the past year were delivered via dating apps, while over 40% arrived via instant messaging apps.