THE FRAUD EPIDEMIC IN THE UK: COULD THERE BE A LIGHT AT THE END OF THE TUNNEL?
The scale of fraud in England and Wales in 2022 grew at unrelenting speed and is only set to increase. Nik Adams, economic crime portfolio lead at the City of London Police, predicts between a 25 to 65 percent growth in fraud over the next four to five years. Fraud already accounts for 41 percent of all crime against individuals, yet only 1 percent of police resources are focused on economic crime and only 1 in every 1000 criminal complaints for fraud results in a conviction (according to reported statistics by the Office for National Statistics Annual Survey of Crime).
Though the volume of fraud cases and convictions are seemingly scarce, the total value of alleged fraud cases heard in Crown Courts has increased – in the Midlands in 2022 figures rose to £143.6m across 31 cases, compared to £59m across 46 cases in 2021. It is clear that the cost and scale of fraud is escalating, and the executive, legislature and judiciary must take urgent action to address the epidemic of fraud in the UK.
Efforts have begun and on 12 November 2022 the House of Lords Fraud Act 2006 and Digital Fraud Committee published its ‘Fighting Fraud: Breaking the Chain’ report. The Committee’s report discusses the problem that is costing billions every year in the context of a digitalised society and a disturbing upsurge in organised crime groups.
Apr-Jun 2023 Issue
Trowers & Hamlins LLP