Between 2021 and 2023 roughly 10 million Britons fell victim to fraud. UK Finance found that £570 million was lost to fraud in the first half of 2024. The impact of fraud goes beyond financial losses. Most victims of fraud do tend to receive some if not all their money back, directly from their bank. But over 80% of UK fraud victims experienced further negative effects due to their experience, including losing trust in others or a plethora of negative emotional effects. Individuals also lose trust in their banks, despite their paying out for reimbursements. Collective action between banks, social media companies, government and police has been suggested as the key necessity to effectively tackle the “fraudemic”. The National Crime Agency (NCA) reports that fraud accounts for 40% of crime in the UK, but only 13% of cases are reported to ActionFraud or the police. Most victims go straight to their banks to report fraud. What steps do we need to take to tackle fraud efficiently across the “fraud chain”?

This event will:

• Consider public perception of responsibility across the “fraud chain”.
• Examine how to tackle the collective action problem that holds back effective counter-fraud action across the “fraud chain” in the UK.
• Discuss how to develop an effective counter-fraud strategy for the UK across government, regulators and businesses.