£9.4 billion stolen from UK consumers in past 12 months

The report highlights a worrying trend: younger adults and even children are increasingly being targeted. Millennials (29 to 44-year-olds) had an average of £1,456.90 stolen, which is more than triple the losses reported by Gen X (ie those aged from 45-60) where the equivalent figure is £444.10.

Alarmingly, 16% of UK parents with children aged from 7 to 17 suggest that at least one has been the victim of a scam.

Shopping (ie purchase) scams were the most common type of fraud, affecting some 45% of victims. While many people believe they can spot a scam, those who claim they “always recognise a scam” had more taken than anyone else, averaging out at £1,591.90 per victim.

Despite the scale of the problem, 77% of victims did report the scam to their payment service, while nearly half (47%) were able to recover at least part of their money. Encouragingly, 91% of adults state that they do take active steps to verify whether an offer is genuine.

With Black Friday and the festive season approaching, the Global Anti-Scam Alliance, Cifas and Tietoevry Banking are urging consumers to remain alert. Scammers often exploit seasonal shopping spikes and target individuals through platforms with direct messaging functions.

Data-driven threat

Jorij Abraham, managing director of the Global Anti-Scam Alliance, stated: “Scams are no longer isolated incidents. They’ve become a systemic and data-driven threat to the UK’s digital economy.”

Abraham continued: “This report provides the evidence policymakers and businesses need in order to act decisively, share data and intelligence faster and co-ordinate prevention on an effective basis. Only through cross-sector collaboration can we protect every household from this growing epidemic.”

Mike Haley, CEO of Cifas, commented: “Fraud is a national emergency costing the UK billions of pounds each year and affecting millions of lives. What’s particularly alarming is the growing number of younger victims, including children, being targeted by increasingly sophisticated scams.”

Haley asserted: “As we head into the busiest shopping season of the year, it’s vital that consumers remain vigilant and verify before they buy. At Cifas, we’re committed to empowering individuals and organisations with the tools they need to spot scams early and stop them in their tracks. That includes helping parents and schools to protect children from becoming victims.”

Crime-as-a-Service 

Gunnar Koren, head of financial crime prevention at Tietoevry Banking, informed Security Matters: “The report shows that, while 80% of people feel confident in spotting scams, professional fraudsters have evolved far beyond what most consumers are prepared for in the real world. Operating on a global scale, using Crime-as-a-Service networks and Artificial Intelligence-driven tactics, today’s criminals create highly targeted and convincing attacks.”

In conclusion, Koren said: “With 76% of individuals encountering scams and one-third of UK victims reporting a mental well-being impact, it’s clear that it’s not only a matter of financial losses, but also one of confidence, trust and mental well-being. We need closer collaboration across the financial ecosystem, from banks to tech platforms, in order to strengthen detection and effectively protect end consumers.”