Over £1.2 billion stolen through fraud in 2022

The report found that over £1.2 billion was stolen through fraud in 2022, a reduction of eight per cent on 2021. The number of fraud cases across the UK was down four per cent to almost three million cases.

The most common type of fraud in 2022 was authorised push payment (APP) fraud, where criminals tricked victims into authorising payments to them. APP fraud losses reached £485.2 million, down 17 per cent compared to 2021. Within this, 57 per cent of all reported cases related to purchase fraud, with case volumes breaking 100,000 for the first time.

The report also found that the number of investment fraud cases increased by 21 per cent in 2022, with losses reaching £157.7 million. Investment fraud is a type of fraud where criminals trick victims into investing in fake or fraudulent investments.

UK Finance said that the increase in fraud in 2022 was due to a number of factors, including the rise of online shopping and the increasing sophistication of fraudsters.

The trade body said that it was working with its members to take steps to prevent fraud, including investing in new technologies and working with law enforcement to track down and prosecute fraudsters.

UK Finance also urged consumers to be vigilant and to take steps to protect themselves from fraud, such as:

• Being suspicious of unsolicited emails, texts, and phone calls
• Never giving out personal information, such as your bank account details or credit card number, to someone you don't know
• Being careful about what information you share on social media
• Keeping your software up to date
• Using strong passwords and changing them regularly
• Being aware of the latest fraud scams

By following these tips, you can help to protect your firm and your clients from fraud.

Our SafePay solution makes it easy for law firms to request and receive payments instantly from their clients, helping to reduce the risk of fraud. To find out more, get in touch today.