The latest results for the Fraud Barometer have just been published and provide an analysis of the UK fraud cases in 2023. There is real concern in the public and private sectors in the UK that fraud is now at unprecedented levels – according to the Home Office, Fraud accounts for over 40% of crime but receives less than 1% of police resource1.

In response we have seen the government issue its Fraud Strategy and there is new legislation including the “failure to prevent fraud” offence introduced in the Economic Crime and Corporate Transparency Act 20232.

The bi-annual Barometer is the longest running survey of its kind in the UK, with data spanning over 30 years. It considers major fraud cases, as reported in the media, being heard in the UK’s Crown Courts, where charges are in excess of £100,000.

It identifies the latest fraud trends and patterns affecting the UK economy. This helps us and our clients remain alert to new threats and respond to fraud risks in an appropriate and proactive manner. 

Key highlights:

  • Total value of alleged fraud cases of over £100k reaching UK Crown Courts in 2023 reached £992.9 million
  • Total volume of alleged fraud cases of over £100k increased marginally from 221 cases in 2022 to 226 in 2023
  • The public sector was the most common fraud victim type by value

The timely prosecution of economic crime remains an issue, so in the context of rising fraud rates, it is disappointing to see very little change in the number of cases of high value being heard in UK Crown Courts. Furthermore, impending changes in the law intended to improve fraud prevention and reporting, including the ‘failure to prevent fraud’ offence, combined with investment in technologies such as generative AI to improve fraud detection, could make it even harder for courts to keep up.

Roy Waligora,
Partner and Head of UK Investigations
KPMG in the UK

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