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UK lost over £2B in fraud and cyber-crime cases during 2021

The total number of reported incidents reaches 487,035

UK

UK lost over £2B in fraud and cyber-crime cases during 2021. Source: shutterstock.com

According to Payback Ltd, UK residents and businesses have seen financial losses of £2.5 billion from fraud and cyber-crime over the course of the past year.

It was found that the UK has reported an average of 40,586 cases of fraud and cyber-crime per month, with an average financial loss of £5,700 per case.

The height of cyber-crime activity appeared during the earlier months of the year. In February, the UK reported 47,800 cases equating to £267.6 million in financial loss, while in March more than 48,500 cases amounted to losses of £219.3 million.

Among the top 5 crime codes of reported cases in 2021, fraudulent activity using online shopping and auctions amounts to 100,168 reported cases in total that amount to a value of £77.1 million in financial loss.

The overall umbrella of “consumer fraud” includes other criminal activity such as dating scams and bogus tradesmen, and accounts for £437.2 million of the country’s losses this year.

Overall, fraud and cyber-crime cases relating to individual British residents account for 87% of the country’s total report volume. This translates to £1.8 billion of financial loss incurred over a reported 421,473 cases. Those aged 20-29 reported the most instances of criminal activity, with 82.2K reports made across the course of the year – followed closely by those aged 30-39, who clocked in 80.9K reports.

There have been 62,976 reports made by British businesses throughout 2021, equating to a total reported financial loss of £736.3M.

It is difficult to see such high figures relating to fraudulent and criminal activity taking place over the course of the year. It is imperative that the British public exercise caution when making financial transactions of any kind, and to ensure that they are confident that any transactions are done via official, safe and legal means
A spokesperson for Payback Ltd

We’ve reported that Lloyds Bank revealed study of UK business leaders’ views on the next 20 years.

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