Total value of UK fraud returns to pre-pandemic levels, KPMG finds

The total value of alleged fraud, with a value of £100k or above, reaching UK Courts in 2022 totalled £1.12bn, an increase of 151% compared to £444.7m in 2021.

The figure for 2022 is similar to pre-pandemic levels which saw a total value of £1.1bn for alleged fraud cases heard in 2019.

This is according to data from the KPMG Fraud Barometer, which found that the volume of cases had fallen by 27% from 298 in 2021 to 219 in 2022.

The increase in value was largely driven by five cases with a value of £50m or above which were heard in UK courts in 2022.

These cases amounted to a total value of £648m, more than half the total value of all the fraud cases heard. 2021 saw no cases worth over £50m.

The data also noted that a number of other reported cases, involving significant sums, were reportedly settled so do not appear within the figures.

Fraud cases against financial institutions halved in 2022, with only 16 cases being heard compared to 32 in 2021. Despite this, the value of fraud committed against financial institutions in 2022 increased dramatically by 2204% to £609.2m.

In 2022, the general public were the victims in 73 cases with a total value of £136.9m, compared to 93 cases with a total value of just under £116m in 2021.

Roy Waligora, partner and head of UK investigations, said: “In 2022, we saw the total value of fraud in the UK return to pre-pandemic levels as a few high value cases boosted the numbers. This comes as professional criminals have continued to attempt to line their pockets with high value fraud against financial institutions and their customers.

“The slight drop in volume of fraud cases heard does not mean that fraud in the UK was any less prevalent in 2022. The impact of fraud remains a real concern in the UK, however, the decrease in the volume of cases may be an indication of pressure on authorities and that some fraud cases are not resulting in charges, as recently outlined by the National Audit Office.”