In 2022, the total monetary value of reported fraud in the UK stood at £1.1billion, reversing the leap to £10 billion in 2021. Now that fraud value has dropped back to its pre-pandemic levels, not skewed by cases around government Covid-19 support schemes, other trends are beginning to emerge.
High value frauds decreased in number, but still make up the majority of the value lost to fraud across the year, demonstrating just how huge an impact a single case of fraud can have on an organisation. There were sharp increases in fraud across several industries, and a surge in money laundering cases.
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