Fraud in the UK is growing in scale and complexity, says the trade association Cifas, releasing annual figures. Some 421,000 cases were filed to the National Fraud Database (NFD) in 2024 – a 13 per cent increase and the highest number on record. Increasingly, says Cifas, novice actors use AI tech as a platform to commit fraud in higher volumes and with likely greater success.
Identity fraud remains the most prevalent case type, the trade body says. Almost 250,000 identity fraud filings were recorded in 2024 – an increase of 5pc on 2023, and accounting for most, 59 per cent of all filed cases to Cifas’ database (NFD). Increases in identity fraud cases include personal store cards (up 35pc), personal bank accounts (up 12pc), personal credit cards (up 8pc), and motor insurance (up 8pc). Cifas adds that its intelligence suggests that criminals continue to use well-established impersonation tactics to scam victims. Members of Cifas such as banks, mortgage firms and insurers reported the rise in identity fraud is also leading to more facility (account) takeover, as criminals invest more time in building false identities and fictitious profiles. The threat from this fraud type is amplified by the use of AI and generative technologies, the trade body adds.
Account takeover
Facility (account) takeover cases went up 76 per cent in 2024, with over 74,000 cases recorded. Mobile phone accounts were a primary target, making up 48pc of all filings, with the telecoms sector recording a 105pc overall rise in cases of account takeover. Meanwhile, unauthorised SIM swaps rose by some 1,055pc, with almost 3,000 cases reported affecting mobile providers. Online retail was also a target; criminals frequently change account details or redirecting orders to alternative addresses. Victims aged 61-plus were once again the most targeted, making up 29pc of filings. Phishing is the most common method of taking control of accounts. Cifas members report high-quality spoofed websites, brand impersonations and even spoofed LinkedIn accounts used to enable intensive and prolonged social engineering. Audio fakes are reported by members as a concern; already businesses are reporting voice-overs being used to answer security questions.
Money muling
Not all the numbers showed increases. In 2024, 34,476 cases were recorded to the NFD in which there was evidence of behaviour indicative of money muling; a reduction of 8pc compared to 2023. Fewer cases of ‘insider threat’ were sent by members to Cifas and recorded.
Introducing the association’s Fraudscape report, Mike Haley, Cifas CEO, pictured, described it as grim reading. He said: ‘Our data highlights the relentless rise in fraud and the ever-evolving tactics used by criminals to exploit victims. Identity fraud, account takeovers, and false applications continue to climb, exposing vulnerabilities across multiple sectors. These figures serve as a stark warning that the fight against fraud is far from over. Industry collaboration, cross-sector data and intelligence sharing and support and education for consumers to help keep them safe are more critical than ever before.’
About Cifas
More at https://www.fraudscape.co.uk/. Cifas, a not-for-profit membership body, has some 750 members.
