The new BDO Report: FraudTrack 2024 considers UK fraud cases with monetary value of £50,000 or more - the value of reported fraud reached £2.3 billion this year with some interesting trends coming through.
This report explores those trends further from the past year, investigates some of the possible causes and with BDO’s predictions of changes to come, which will help you consider the fraud risks on the horizon that are most relevant to your business.
Key findings in the new report include:
- Total reported UK fraud value is £2.3 billion this year.
- The number of high value frauds increased by 60% in 2023.
- Corruption represented the top fraud type by value this year at 26%.
- Tax fraud made up 23% of UK fraud by value.
- An increase in the use of technology has expanded the impact of cyber-enabled frauds, leading to large increases in reported online scams throughout 2022 and 2023.
- London & the Southeast was the number one hotspot for reported fraud in 2023.
Two high level trends emerge from an analysis of the data over the last decade: the number of reported cases of fraud is rising, and the amounts involved are getting bigger. And BDO believe it is likely to continue doing so, encompassing fraud growth areas such as ESG and tax and with fraudsters seizing on new opportunities, AI and the latest fraud enabling technology. The message for corporate leaders is, as always, be vigilant, be proactive — and seek help if in doubt.
To download a copy of the full report, click on the link.