As fraud rates continue to rise, nearly all adults in the UK (94%) now say they are taking additional steps to avoid falling victim to scams. Three in ten UK adults have been a victim of financial fraud, and more than half have seen an increase in the number of scam attempts in the last 12 months.

That is according to new research from global fraud and financial crime prevention company, Featurespace.

Data from the National Crime Agency shows that fraud is now the most common crime in the UK, accounting for 40% of all offences recorded in England and Wales. Almost £1.2bn was lost to fraud in the UK last year, with Authorised Push Payment (APP) fraud a significant contributor to this, UK Finance’s 2024 Fraud report shows a 12% jump in the number of APP cases in 2023, with total losses amounting to £459.7m.

Many don’t report financial crime out of embarrassment

The study reveals evidence of social stigma around financial fraud. Despite the scale of the issue, victims aren’t speaking openly about it, only a fifth of people who have been a victim of a scam say they go on to speak to their friends and family about how they can protect themselves in similar situations, and one in seven decided not to report the scam because they felt embarrassed or ashamed.

Banks are conscious of the role they must play in recovering customer funds after scams, and the impact it has both financially and emotionally for scam victims. Two-thirds of people who have been scammed say they are happy with the level of support provided by their bank.

As scams become more complex, 57% appreciate banks providing additional information on safeguarding against financial fraud and scams, this type of information can be supported by the banks’ use of technology to provide additional intelligence and more sophisticated scores.