Signal UK internet banking fraud cases fell from 43,000 to 8,800

Summary

UK internet banking fraud cases peaked at close to 43,000 in early 2021 and then fell to around 8,800 by early 2023. The report sets this figure alongside the vulnerability that growing reliance on digital platforms may expose government schemes, businesses and vulnerable people to digital fraud. It also observes that low public awareness means many users are unaware of these risks. The fraud chapter likewise finds that as financial services move online, criminals target people less comfortable with technology. The report links the two risks, arguing that greater reliance on digital platforms creates more opportunities to defraud unsuspecting users.