The UK has been topped the cardboard fraud capital of Europe, with extra victims and better losses skilled than any of its continental friends.
The figures, collated by the Social market Basis, present the UK means out in entrance of its European neighbours in variety of victims (134 for each thousand inhabitants) and losses (£8,833.20 per one thousand folks).
The worth of fraud is greater than £2000 increased within the UK than the second ranked nation, France, and contrasts sharply with Spain, Germany and Italy by a far better order of magnitude.
In line with the Crime Survey for England and Wales, between April 2021 and March 2022 there have been 2.3 million “financial institution and card frauds”, comprising 51% of the entire recorded frauds dedicated in opposition to residents throughout the interval.
The SMF has known as on the Authorities to undertake a “complete whole-systems” strategy to handle fraud, beginning with recruiting extra specialist employees which are educated to deal with advanced crime.
Richard Hyde, SMF Senior Researcher, says: “Britain’s stunning report on card fraud in comparison with main European economies is one more reminder of how UK regulation enforcement has did not sustain with the epidemic. Policymakers must mirror additional on why we’re at this stage.
“Fixing the disaster will take extra than simply elevated police employees. While specialist employees will definitely play an important function, all the fraud regulation enforcement panorama wants an overhaul – with reforms that may rework the system and enact lasting change.
“There is no such thing as a time to delay – fraud and financial crime is evolving to be tougher to analyze and clear up – so policymakers should begin to make complete system modifications now.”