The losses due to fraud per person in the UK are higher than in other Western economies, including the United States, Canada, and Australia.

The situation is getting worse as criminals exploit the cost of living squeeze to find new ways to con the elderly and vulnerable. This new ‘wave’ of scams led to fraudsters stealing GBP 700 million in April 2022, compared with an average of GBP 200 million a month over the previous year. 

The Mail launches a campaign calling for a major overhaul to the system, starting with the appointment of a minister for fraud. This newspaper is also demanding that police make tackling fraud a priority and boost the number of specialist investigators. The reimbursement of fraud victims by banks must be made mandatory, alongside stronger protection for vulnerable customers.

The media company adds that tech giants should have to compensate fraud victims caught out by scams on their platforms, and face fines if they fail to crack down on the swindlers. Campaigners also warned of a ‘silent epidemic’ of elderly victims who are too scared to report being defrauded.

A Mail audit of official fraud figures in 2021 found the UK loses GBP 36.02 per person. This is more than double the amount lost per capita that year in the US, according to figures from the Federal Trade Commission, more than five times that recorded in Australia and almost six times the amount logged in Canada. New Zealand had a rate of just GBP 1.73 per person in 2021.