Fraud Barometer

A Year of Contrasts: Decreasing High-Value Fraud, Rising Lower-Value Crime

KPMG UK’s 2024 Fraud Barometer paints a complex picture of fraud in the UK. Whilst the total value of high-value fraud cases (£100,000+) heard in UK Crown Courts decreased for the second year running, the overall volume of cases increased slightly. This suggests a shift towards more frequent, lower-value fraudulent activities, a trend supported by broader national statistics showing a significant rise in reported fraud incidents. The decrease in high-value fraud is partly due to a single exceptionally large case in 2023; excluding this outlier, the decrease is still substantial but less dramatic.

Roy Waligora

Partner, Head of Investigations and Corporates Forensic

KPMG in the UK

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The fall in value of fraud cases heard during 2024 does not mean that fraud in the UK was any less prevalent. By contrast, the increase in volume of cases may suggest that lower-value fraud, which may take longer to detect and report, is on the rise.

Roy Waligora

Partner and Head of UK Investigations

KPMG in the UK

Key Fraud Trends in 2024

Benefit Fraud Surge

A dramatic increase in benefit fraud, largely driven by a single large, organised crime case, highlights the need to ensure appropriate safeguards and controls are in place.
Government and Public Remain Targets

Fraud against the government remains a significant concern, although the total value decreased. However, the volume of fraud against the general public increased, indicating a rise in smaller-scale scams.
Regional Variations

London and the South East continue to have the highest volume and value of fraud cases, the Midlands had the second highest total value and volume of cases. Conversely, the East of England experienced a considerable drop.
AI's Dual Role

The report explores the increasing use of AI by both fraudsters (creating sophisticated schemes) and organisations (improving fraud detection).

Fraud Barometer 2024

This year's survey reveals a mixed message - whilst national fraud statistics show persistently high volumes and values of fraud, the value of high value cases in UK courts was sharply down in 2024 at £453.2million, compared to the prior year of £992million.

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