Research: Economic and social cost of fraud 2023 to 2024
A recent Home Office report reveals fraud against individuals and businesses in England and Wales imposed an estimated economic and social cost of £14.4 billion in the 2023-24 financial year. Of this, £9.2 billion affected private individuals through direct financial losses and emotional distress, while businesses faced £5.2 billion in damages. The report excludes fraud targeting the public sector but captures broad consequences including anticipation costs, money spent on preventing fraud, and response costs incurred post-incident. The findings underscore that fraud remains a heavily underreported crime with existing data gaps, indicating the true societal burden is likely substantially greater. This... [Continue Reading]
360LiveNews | 09 Mar 2026 15:20
