The amount of fraud committed in the UK more than doubled to £2.3bn in 2023, marking the second-biggest year for scams in the last two decades, according to a report that also warns of the future impact of fraudsters using artificial intelligence to rip off consumers.
BDO said factors behind the overall rise included the growing popularity of online scams, phishing and system breaches, as well as authorised push payment (APP) transactions, where fraudsters trick people into transferring money to them.
“Analysis of the data over the last decade shows the number of reported cases of fraud is rising and the amounts involved are getting bigger,” said Kaley Crossthwaite, a partner at BDO.
Major cases last year included Entain, the owner of the Ladbrokes and Coral betting chains, reaching a £585m settlement with HM Revenue and Customs, the UK’s tax authority, over alleged bribery at a business it owned in Turkey.
BDO said the true overall level of fraud was likely to be significantly higher than £2.3bn because statistics from the Crime Survey for England and Wales had revealed that fewer than one in seven offences are reported to the police.
A report last year found that the number of people committing “harmless” fraud, such as cheating on their council tax or trying to reclaim money on lost gambling bets, had soared amid the cost of living crisis.
The original article contains 420 words, the summary contains 228 words. Saved 46%. I’m a bot and I’m open source!
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The amount of fraud committed in the UK more than doubled to £2.3bn in 2023, marking the second-biggest year for scams in the last two decades, according to a report that also warns of the future impact of fraudsters using artificial intelligence to rip off consumers.
BDO said factors behind the overall rise included the growing popularity of online scams, phishing and system breaches, as well as authorised push payment (APP) transactions, where fraudsters trick people into transferring money to them.
“Analysis of the data over the last decade shows the number of reported cases of fraud is rising and the amounts involved are getting bigger,” said Kaley Crossthwaite, a partner at BDO.
Major cases last year included Entain, the owner of the Ladbrokes and Coral betting chains, reaching a £585m settlement with HM Revenue and Customs, the UK’s tax authority, over alleged bribery at a business it owned in Turkey.
BDO said the true overall level of fraud was likely to be significantly higher than £2.3bn because statistics from the Crime Survey for England and Wales had revealed that fewer than one in seven offences are reported to the police.
A report last year found that the number of people committing “harmless” fraud, such as cheating on their council tax or trying to reclaim money on lost gambling bets, had soared amid the cost of living crisis.
The original article contains 420 words, the summary contains 228 words. Saved 46%. I’m a bot and I’m open source!