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Online shopping and auctions attract record number of fraud reports

Over the past 12 months, the total number of fraud reports made to Action Fraud, Cifas, and UK Finance rose by 6.49%, resulting in an increase in loss of £20 million. 

According to research by personal loan provider Fluro, online shopping and auctions garnered 72,147 reports, with an average loss per person of almost £100. 

Reports of online shopping and auction fraud rose by 55.68% YoY, which might be a sign that scammers are using increasingly sophisticated schemes and a warning sign that shoppers need to take extra care when paying for goods and services online.

Over the past 12 months 52,054 fraud cases were reported to London Metropolitan police force, costing consumers in Greater London (excluding City of London) a total of £450.5 million. Surrey follows next as the second largest fraud hotspot in the UK with 6,456 reported cases amounting to a total loss of around £40.5 million. Thames Valley ranks third with reports over a 12 month period totalling 12,246 for a total loss of £77.5 million. 

In just one year there were 14,847 reports of fraud relating to financial investment schemes, through which the public lost a total of £337.9 million. Pyramid and Ponzi schemes are the second most costly type of fraud on a nationwide scale, with 3,740 cases leading to a total loss of £250.4 million. Share sales and boiler room fraud round off the top three most expensive types of fraud, with losses totalling 146.7 million. 

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