Reported fraud hits record levels

Fraud prevention service, Cifas has published its annual Fraudscape report which reveals a staggering 421,000 cases were filed to the National Fraud Database (NFD) in 2024 – a 13% increase and the highest number on record.

The sharp rise is one of the largest annual increases ever observed by Cifas, underscoring the growing scale and complexity of fraud in the UK. Its members also recorded a case to the NFD every two minutes, preventing over £2.1bn in fraud losses.

Identity fraud remains the most prevalent case type. Almost 250,000 identity fraud filings were recorded in 2024 – an increase of 5% on 2023, accounting for 59% of all filed cases to the NFD. Cifas intelligence suggests that criminals continue to use well-established impersonation tactics to scam victims.

Organisations reported the rise in identity fraud is also leading to a consequential increase in 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, enabling criminals to take advantage of people at speed and scale.

Other increases in identity fraud cases include personal store cards (up 35%), personal bank accounts (up 12%), personal credit cards (up 8%), and motor insurance (up 8%). Those aged 61+ were most likely to be targeted, accounting for a quarter (25%) of cases.

Facility (account) takeover cases skyrocketed, up 76% in 2024, with over 74,000 cases recorded. Mobile phone accounts were a primary target, making up 48% of all filings, with the telecoms sector recording a 105% overall rise in cases of account takeover. Meanwhile, unauthorised SIM swaps increased by a staggering 1,055%, with almost 3,000 cases reported affecting mobile providers.

Online retail was also a primary target, with criminals frequently changing account details or redirecting orders to alternative addresses. Victims aged 61+ were once again the most targeted, making up 29% of filings.

Cases of false applications increased by 10% in 2024, with over 21,000 cases recorded. The most common filing reason was for false documentation (30%), particularly across the bank account and insurance sectors, which accounted for 69% of cases.

With the growth of AI, the increasing sophistication and volume of false documentation poses a challenge to fraud prevention – with some capable of passing verification checks. Organisations across multiple sectors have reported the same templates in circulation with simple edits to personal details and transactions made by criminals.

Over 74,000 misuse of facility cases were recorded in 2024 – a slight increase (1%) on the previous year. Meanwhile, more than 34,000 filings of suspected money mule activity were reported to the NFD. Although this figure represents an 8% decline compared to 2023, organisations continue to see muling as a significant issue. Alarmingly, people under 30 years old accounted for 61% of these cases, highlighting the need for further education and preventative measures.

Over 250 cases were recorded to the Insider Threat Database in 2024. Insider threat remains a significant risk to organisations, and detecting this can often be challenging, particularly where employees are well-versed in company systems and can mask activity or alter tactics to fly under the radar.

Mike Haley, Cifas CEO, 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.”