Brits lose £1.8 billion to fraudsters in 2021

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The personal finance experts at money.co.uk have warned that UK residents have lost more than £1.8 billion as a result of fraudulent and cyber crimes in 2021 so far.

Money.co.uk’s Quarterly Fraud Report reveals that there were 96,497 fraud and cyber crime related police reports issued between July 1 and September 30 (Q3) 2021. 

Findings reveal a 16% decrease in fraud and cyber crimes in the UK in Q3 vs Q2 2021 but a 6% increase in losses. Q3’s reported crimes equalled £585 million stolen from Brits, averaging at around £6k per victim.

What are the most common fraud and cyber crimes in the UK? 

A fifth of reported crimes in Q3 were related to online shopping fraud, a market that has skyrocketed since the start of the pandemic. In Q3 there were a total of 19,465 online shopping fraud crime cases with losses equalling £19.7 million - a 12% increase in reported crimes from Q2.  

The highest number of reported cases for this category fell in the first quarter of the year (January - March) at the peak of the pandemic with 28,173 cases. 

Financial investment fraud came out on top for Q3 as the most financially damaging category of fraud with total losses from July to September equally £78.3 million - a 29% increase in losses from Q2 - and an average loss per victim of £23.7k. 

Gen Z and Millennials are have reported the highest number of crimes

UK residents aged 20-29 reported the highest number of crimes (16,134 reports and £25.6m lost), followed closely by those aged 30-39, who experienced higher reported losses at £46.4 million across 15,461 reports.  

Those aged 50 - 59 were financially hit the hardest by fraud and cyber crimes with 12,207 reports and losses reaching £155.8 million. 

In terms of categorisation, the majority of individuals aged 20-69 were most commonly victims of online shopping and auction crimes. Those aged 70+ were targeted the most through advance fees and computer software fraud. 

Policing areas with the greatest loss per victim on average 

The report shows all policing areas in the UK, apart from Jersey and Guernsey saw a decrease in reported cases in Q3, with nearly 43% of locations seeing an decrease in loses stolen. 

Residents in the Isle of Man saw the greatest losses on average per victim at £100.8k, those living in Guernsey had the second highest average losses per victim at £30k and Jersey with £23.9k.

James Andrews, personal finance expert at money.co.uk, said: “Brits so far this year have lost more than £1.8 billion as a result of fraudulent and cyber crimes, with figures rising in recent years, this is a reminder for us to protect our data online and be more vigilant when making purchases online. 

“Using a credit card to pay for purchases, will give you extra protection when shopping online. If you pay for even part of an item costing between £100 and £30,000 using your credit card, then you get extra protection from your card provider under Section 75 of the Consumer Credit Act. 

“This allows you to claim a refund from your credit card provider if the seller can’t be contacted or rejects that they have done anything wrong.

“Making sure you have up to date antivirus software on your computer, phone and tablet can also help protect yourself from cyber attacks. Finally, as a rule of thumb, banks and other official bodies will never request details such as credit card numbers or other personal information over the phone or email.

“If you do find yourself in a position where you have unexpectedly lost money, it is important that your bank is made aware of this as soon as possible.”