Fraud as the UK’s Largest Crime Threat
Fraud is consistently the largest reported crime type in England and Wales, affecting millions of individuals and businesses each year. It undermines public trust, damages economic resilience and poses a growing threat to national security. The scale and sophistication of modern fraud are accelerating, with criminals increasingly exploiting new technologies, operating across borders and deploying highly sophisticated attack methods.
As a result, fraud is no longer a peripheral issue, but a central challenge to the UK’s economic stability and security. In response, the Government has committed over £250 million between 2026 and 2029 to deliver a new Fraud Strategy designed to reduce harm, disrupt criminal activity and strengthen national resilience.
Fraud is now the dominant crime type in the UK. Fraud accounts for approximately 45% of all crime in England and Wales, with an estimated economic cost of £14.4 billion in 2023–2024. In addition, around 1 in 4 UK businesses have experienced fraud, highlighting its widespread impact across both personal and commercial environments.
These figures demonstrate the scale and complexity of fraud in the UK, reinforcing the need for a coordinated national response.
The impact of fraud extends far beyond direct financial loss. Victims frequently experience emotional, psychological and physical harm, while businesses face reputational damage, reduced revenue and increased operational costs. Wider economic consequences also arise, including reduced consumer confidence, lower levels of investment and constrained economic growth due to weakened spending and activity.
The Government’s Fraud Strategy 2026-2029
The Fraud Strategy introduces a system-wide response built on collaboration between government, law enforcement, industry, regulators, national security agencies and civil society.
It is structured around three core pillars:
- Disrupt
The Disrupt pillar focuses on stopping fraud before it occurs by targeting the systems and infrastructure criminals rely on. This includes the launch of the Online Crime Centre to centralise intelligence and coordinate action across agencies and industry partners, alongside real-time data sharing between government, law enforcement and the private sector. It also prioritises the rapid disruption of fraudulent websites, accounts and communications, supported by stronger international cooperation to tackle cross-border fraud networks operating at scale.
- Safeguard
The Safeguard pillar is centred on strengthening resilience across society to reduce vulnerability to fraud. This includes expanding the “Stop! Think Fraud” awareness campaign to improve public and business understanding of fraud risks, as well as data-led proactive policing to identify and protect individuals most at risk. It also focuses on enhancing cyber resilience support for businesses and promoting early intervention measures to prevent fraud before harm occurs.
- Respond
The Respond pillar is designed to improve outcomes for victims and strengthen justice processes. It includes the introduction of a streamlined “Report Fraud” service to make reporting simpler and more effective, alongside a Fraud Victims Charter that sets minimum standards of support. The pillar also strengthens criminal and civil justice processes to ensure offenders are pursued effectively, while improving court efficiency and reinforcing accountability for fraud-related crimes.
Why this Strategy Matters
Fraud is not only a criminal issue but an economic and societal one. It reduces national productivity and investment, undermines trust in digital systems and financial services, causes long-term psychological harm to victims and fuels wider organised crime networks, including cybercrime and money laundering.
The strategy is designed to ensure the UK becomes a harder environment for fraudsters to operate in, while improving protection for individuals and businesses.
Regulatory Considerations
While this strategy is government-led, firms should consider its implications in the context of existing FCA expectations, particularly under:
- SYSC (Senior Management Arrangements, Systems and Controls): requirements for robust systems and controls to mitigate financial crime risk.
- Principle 3 (Management and Control): firms must take reasonable care to organise and control their affairs responsibly and effectively.
- Financial crime guidance (FCG): expectations on fraud prevention, detection and reporting.
How Complyport can Help
Complyport supports firms in strengthening their fraud prevention and regulatory resilience in line with the strategy’s expectations.
Key services include:
- Financial crime and AML advisory to strengthen detection and prevention controls;
- Internal control reviews to improve oversight and reduce exposure to fraud risks;
- Risk assessments to identify vulnerabilities across business operations;
- Governance and compliance framework design aligned with regulatory expectations;
- Regulatory compliance support to help firms meet evolving UK requirements;
- Training and awareness programmes to build staff capability in identifying and preventing fraud;
- Monitoring and assurance services to support ongoing compliance and risk management.
Complyport helps organisations reduce fraud risk, improve resilience and align with the UK’s national effort to combat economic crime.
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CPT social media:
UK Fraud Strategy 2026–2029: Tackling the UK’s Largest Crime Threat
As fraud becomes more sophisticated and technology-driven, the UK is responding with a £250m strategy focused on disruption, safeguarding and justice for victims.
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