It is estimated that fraud now accounts for 40% of all recorded crime, with an annual estimated cost to the UK economy of £130 billion. However, as much as 85% of fraud is not reported and only 1% of recorded incidents end in judicial outcomes.
Fraud is not a victimless crime, often causing both financial and emotional harm to individuals, communities, and businesses. Our research reveals that there is a reluctance by victims to report these crimes, confusion on how and where to report, and a lack of faith in the system when they do.
While the UK is one of the few countries to have a central fraud and cyber reporting centre, transformation is needed to improve the way in which the ecosystem as a whole is able to identify and track trends, patterns, and linkages that would help drive effective responses.
What is the solution? To make a real difference we must be ambitious and bold. As a collective ecosystem, we must seize this chance to work together and shape a fraud and cyber-reporting and response centre that builds on current foundations, and places victims at its heart. It requires an ecosystem that is agile, intuitive and maximises our collective knowledge to prevent and detect fraud and cybercrime.