Fraud makes up 40% of UK crime as card identity theft cases jump 74% in a year

New data has revealed that card identity theft losses in the UK have soared by 53% in just one year, with losses hitting a staggering £79.1 million in 2023.

The losses have jumped from £51.7 million in 2022 to £79.1 million in 2023, while the number of reported incidents has risen from 82,064 to 142,442 over the same period.

The study, completed by Investing in the Web, analysed recent fraud data and found that identity theft now ranks as the fastest-growing fraud category across the UK, with a 74% increase in reported incidents compared to the previous year.

Data from major UK banks and payment providers shows that mobile banking fraud has also seen a surge, with monetary losses rising by 33% to £45.5 million and incident numbers jumping by 62% between 2022 and 2023.

The analysis found that purchase scams remain a common fraud type by volume, with over 156,000 incidents reported last year—a 34% increase from 2022. Telephone banking scams have increased by 19%, with reported losses of £17.6 million in 2023.

Romance scams continue to cause significant financial harm, with losses increasing by 17% to £36.5 million in 2023. These scams typically involve criminals building emotional relationships with victims over time before requesting money for supposed emergencies or investment opportunities.