House of Commons briefing reveals banking fraud soared to £1.2bn in 2023, making up over 40% of crimes against individuals, outlining urgent public and private sector action to tackle it

Despite the introduction of a new national fraud strategy and upcoming mandatory reimbursement rules for victims of authorised push payment (APP) fraud, the briefing highlights continued enforcement shortcomings. Alarmingly, only around 2% of reported fraud cases are referred for investigation by local police forces, raising concerns about the capacity and prioritisation of fraud within the criminal justice system…