Do you work in Financial Services? Are you struggling to implement successful anti-fraud initiatives?
It is estimated that 93% of UK companies experienced some form of fraud in 2024, the most common being identify fraud, facility takeover fraud, and business email compromise (BEC) scams.
Check out these eye-opening statistics so your business can fully gauge the reality of fraud, and take the necessary measures in order to mitigate the risk.
1. Criminals stole 1.17 billion through fraud and scams in 2024
In 2024, fraud and scams continued to pose a significant threat in the UK, with criminals stealing £1.17 billion across various schemes.
Unauthorised fraud accounted for £722 million, driven by a 14% increase in cases, reaching 3.13 million incidents.
Remote purchase fraud surged by 22%, leading to £400 million in losses, while Authorised Push Payment (APP) fraud declined slightly but still resulted in £450.7 million in stolen funds. Investment fraud remained a growing concern, rising 34% and costing victims £144.4 million.
Despite these challenges, UK banks successfully prevented £1.45 billion in unauthorised fraud through advanced security measures, highlighting the ongoing battle between financial institutions and increasingly sophisticated criminal tactics.
2. Over 9,000 financial fraud complaints have been lodged in 2024
In 2024, fraud-related complaints in the UK reached record levels, reflecting a growing concern among businesses and consumers.
The Financial Ombudsman Service received 9,091 complaints about fraud and scams in just one quarter, a sharp increase from 6,264 complaints in the same period in 2023.
Meanwhile, unauthorised fraud cases surged by 14%, resulting in 3.13 million incidents, highlighting the evolving tactics used by criminals.
Despite increased security measures, the rising number of complaints underscores the ongoing challenges in tackling financial crime and protecting victims.
3. 86% of stolen funds from APP fraud were returned to victims
In 2024, UK businesses successfully recovered a significant portion of fraud losses through enhanced security measures and regulatory changes.
Banks prevented £1.5 billion in unauthorised fraud, leveraging advanced detection systems to block fraudulent transactions before they could cause damage.
The introduction of mandatory reimbursement rules in October 2024 ensured that 86% of stolen funds from Authorised Push Payment (APP) fraud were returned to victims, providing much-needed financial relief.
Despite these improvements, fraud remained a persistent issue, with remote purchase fraud surging by 22% and investment fraud increasing by 34%.
Businesses that adopted AI-driven fraud detection, stricter identity verification, and more rigorous security protocols experienced higher recovery rates, while smaller firms, constrained by limited resources, often struggled to recoup their losses.
4. Mortgage fraud rose by 32.8% compared to 2023
In 2024, mortgage fraud in the UK saw a 32.8% increase compared to the previous year, with fraudsters leveraging forged documents, fake identities, and income misrepresentation to deceive lenders.
AI-generated fake documents made detection more challenging, further complicating efforts to combat fraud.
Despite the rising threat, enforcement remained low, with only 17 investigations into mortgage fraud by the Financial Conduct Authority (FCA) since 2018, highlighting gaps in regulatory response.
Industry experts warn that mortgage fraud is widespread and underreported, suggesting the need for stronger preventative measures and enhanced verification processes to protect lenders and borrowers alike.
How Can Hopewiser Help?
Multiple Residence from the Royal Mail Postcode Address File (PAF), supplied by Hopewiser, unleashes over 800,000 additional address data records which were previously unobtainable.
Many premises are sub-divided, sharing a common letterbox, and access to these properties is restricted to a single shared delivery point.
If you are unable to verify the individual’s address, this presents numerous issues when it comes to fraud risk.
Multiple Residence provides access to self-contained flats, sub-divided houses, apartments blocks, halls of residence, and nursing homes.
Accurate data can help financial services reduce the risk of fraud, and this dataset will help you verify whether an address exists, thus ironing out fraudulent addresses and mitigating credit card, loan, and mortgage fraud.
To find out more about PAF and Multiple Residence data, Contact Us today, or fill out this form to drop us a message.
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, updated 29th May 2025.
