This report estimates the economic and social cost to society of
fraud against individuals and businesses in England and Wales in
the financial year 2023 to 2024.
Economic and social cost of
fraud 2023 to 2024
Details
This report provides the Home Office's latest estimate of the
economic and social cost of fraud against individuals and
businesses in England and Wales for the 2023 to 2024 financial
year. Using a framework consistent with “Cost of Crime”
publications, the analysis assesses costs incurred in
anticipation of fraud, the consequences experienced by victims,
and the resources required in response. Fraud against the public
sector is excluded.
The total estimated cost of fraud in 2023 to 2024 is £14.4
billion, comprising £9.2 billion affecting individuals and £5.2
billion affecting businesses. Consequence costs—primarily
financial losses and emotional harms—account for the largest
share, followed by anticipation costs and response costs. The
report sets out a methodologically robust baseline estimate to
inform policy, highlighting significant underreporting and data
gaps that mean true societal costs are likely higher.
National Assessment Centre Fraud
assessment 2025
Details
This report examines the UK fraud threat, using a combination of
open-source information and National Assessment Centre (NAC)
intelligence.
The report sets out that the threat from fraud to UK individuals
and businesses has increased, that fraud is increasingly
tech-enabled, and most fraud has an international element.
Criminals, including organised crime groups, are innovating to
lower barriers to entry for committing fraud. They are
increasingly using fraud-enabling products, social engineering,
and Generative AI tools to scale attacks and bypass
countermeasures.
