By Dr. Tim Sandle
SCIENCE EDITOR
DIGITAL JOURNAL
September 21, 2025
There are concerns about the banking sector, and the impact of that turmoil on the global economy - Copyright AFP/File Richard A. Brooks
AI-driven banking scams continue to make headlines across the UK, as captured in a recent report that sheds light on the frequency and severity of banking fraud.
To pinpoint the regions in the UK most affected by banking fraud and identify where losses are highest among different victim profiles, the firm BestBrokers has examined police-recorded data across England, Wales, Scotland, and Northern Ireland for the period from 14 July 2024 to 14 July 2025. The findings have been shared with Digital Journal.
The research covers reported individual rather than corporate cases, total financial losses, losses per 1,000 residents, and victim demographics by age and gender.
Data shows that the 21,392 reported cases of banking fraud over the past year led to £417.4 million in losses, exceeded only by investment fraud (£2.2 billion) and consumer fraud (£505.9 million).
Furthermore, banking fraud in the UK caused £417.4 million in losses across 21,392 reported cases over the past year, making it the third costliest fraud type. Only investment fraud (£2.2 billion across 26,141 cases) and consumer fraud (£505.9 million from 102,915 cases) resulted in greater total losses, despite consumer fraud occurring nearly five times as often.
The City of London Police recorded the highest losses per capita at £12,667 per 1,000 residents. However, this figure is based on only 6 cases and reflects a statistical outlier due to the area’s very small resident population of just 8,700.
Police Scotland, PSNI (Northern Ireland), and the Isle of Man all reported comparatively low numbers of banking fraud cases relative to their populations: 254 reports for Scotland (5.48 million people), 320 for Northern Ireland (1.9 million), and just 4 for the Isle of Man (85,000). This could indicate either genuinely fewer incidents per capita or a higher rate of underreporting in these regions compared to the rest of the UK.
Outside of the primary police forces listed, £345 million in losses were reported under an ‘unknown’ category for region or police force, nearly five times the combined total of all named forces. This suggests that many victims either could not or chose not to report their location.
In terms of the types of issues, between 14 July 2024 and 14 July 2025, the vast majority of banking fraud in the UK (18,359 cases) involved cheque, plastic card, and online bank account fraud (excluding payment service providers), underscoring ongoing risks in everyday banking.
These common fraud types continue to challenge both consumers and financial institutions alike, reflecting evolving tactics by criminals. Mandate fraud, which manipulates payment instructions, accounted for 1,496 cases, while application fraud (excluding mortgages) totalled 1,358 incidents. Less common but still significant were counterfeit cashier’s cheques (122), mortgage-related fraud (36), and dishonestly retaining wrongful credits (21).
These data highlights the most prevalent fraud types and signals where prevention efforts should be intensified to better protect vulnerable customers
September 21, 2025
There are concerns about the banking sector, and the impact of that turmoil on the global economy - Copyright AFP/File Richard A. Brooks
AI-driven banking scams continue to make headlines across the UK, as captured in a recent report that sheds light on the frequency and severity of banking fraud.
To pinpoint the regions in the UK most affected by banking fraud and identify where losses are highest among different victim profiles, the firm BestBrokers has examined police-recorded data across England, Wales, Scotland, and Northern Ireland for the period from 14 July 2024 to 14 July 2025. The findings have been shared with Digital Journal.
The research covers reported individual rather than corporate cases, total financial losses, losses per 1,000 residents, and victim demographics by age and gender.
Data shows that the 21,392 reported cases of banking fraud over the past year led to £417.4 million in losses, exceeded only by investment fraud (£2.2 billion) and consumer fraud (£505.9 million).
Furthermore, banking fraud in the UK caused £417.4 million in losses across 21,392 reported cases over the past year, making it the third costliest fraud type. Only investment fraud (£2.2 billion across 26,141 cases) and consumer fraud (£505.9 million from 102,915 cases) resulted in greater total losses, despite consumer fraud occurring nearly five times as often.
UK police forces with the most banking fraud victims
- Metropolitan Police: 3,206 reports, £19.2 million in losses
- Greater Manchester: 1,081 reports, £3.3 million in losses
- West Midlands: 959 reports, £3.9 million in losses
- West Yorkshire: 859 reports, £2.3 million in losses
- Thames Valley: 747 reports, £2.5 million in losses
- Hertfordshire: 560 reports, £1.4 million in losses
- Essex: 511 reports, £1.6 million in losses
- Kent: 501 reports, £2.2 million in losses
- Lincolnshire: 492 reports, £1.4 million in losses
The City of London Police recorded the highest losses per capita at £12,667 per 1,000 residents. However, this figure is based on only 6 cases and reflects a statistical outlier due to the area’s very small resident population of just 8,700.
Police Scotland, PSNI (Northern Ireland), and the Isle of Man all reported comparatively low numbers of banking fraud cases relative to their populations: 254 reports for Scotland (5.48 million people), 320 for Northern Ireland (1.9 million), and just 4 for the Isle of Man (85,000). This could indicate either genuinely fewer incidents per capita or a higher rate of underreporting in these regions compared to the rest of the UK.
Outside of the primary police forces listed, £345 million in losses were reported under an ‘unknown’ category for region or police force, nearly five times the combined total of all named forces. This suggests that many victims either could not or chose not to report their location.
In terms of the types of issues, between 14 July 2024 and 14 July 2025, the vast majority of banking fraud in the UK (18,359 cases) involved cheque, plastic card, and online bank account fraud (excluding payment service providers), underscoring ongoing risks in everyday banking.
These common fraud types continue to challenge both consumers and financial institutions alike, reflecting evolving tactics by criminals. Mandate fraud, which manipulates payment instructions, accounted for 1,496 cases, while application fraud (excluding mortgages) totalled 1,358 incidents. Less common but still significant were counterfeit cashier’s cheques (122), mortgage-related fraud (36), and dishonestly retaining wrongful credits (21).
These data highlights the most prevalent fraud types and signals where prevention efforts should be intensified to better protect vulnerable customers
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