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The Guardian - UK
The Guardian - UK
Business
Mark Sweney

Amount of fraud in UK more than doubled to £2.3bn in 2023, report finds

BDO United Kingdom Artificial Intelligence
A woman using a laptop as she holds a bank card
BDO’s figures show that 2023 was the second-biggest year for scams in the last two decades. Photograph: Tim Goode/PA

The amount of fraud committed in the UK more than doubled to £2.3bn in 2023, marking the second-biggest year for scams in the last two decades, according to a report that also warns of the future impact of fraudsters using artificial intelligence to rip off consumers.

The accounting firm BDO’s latest FraudTrack report found that the number of reported cases rose by 18% to a three-year high, and the number of high-value cases over £50m increased by 60% year-on-year in 2023. Half of the high-value frauds were over £200m.

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