A study from UK Finance revealed that criminals stole £629.3 million (approximately $826 million) in the first half of the year, a 3% increase compared to the previous year.

Additionally, there were over 2 million reported fraud cases through Q2 2025, marking a 17% rise from the preceding year. On average, victims lost £300 ($394) per scam.

Most of these incidents originated online, with social media playing a significant role. The study highlighted that purchase scams—where consumers are deceived into paying for fake products or services—were the most common, many stemming from social media posts.

The Most Prevalent Form

The rise in fraud cases in the UK parallels a broader global trend. Consumers reported being inundated with fraudulent emails, phone calls, texts, and messages, many of which were hard to differentiate from legitimate communications.

Scams peaked during the pandemic when most shopping and messaging shifted online. Even as consumers return to physical stores, scams remain a persistent threat and have surpassed traditional identity fraud, becoming the most prevalent form of fraud in the UK.

An Effective Combination

Criminals are increasingly using social engineering tactics to manipulate their victims. High-pressure communications, coupled with realistic-looking messages, can be particularly effective when targeting vulnerable populations such as children or the elderly.

Notably, many victims who are deceived into making payments do not receive reimbursement, even when they use legitimate channels.

UK Finance found that 98% of victims whose credentials were stolen were reimbursed by their banks. Conversely, in cases of authorized push payment (APP) fraud, where consumers are tricked into sending a payment, only about 62% received a refund.

This growing global issue is highlighted by LSEG Risk Intelligence, which forecasts that worldwide APP fraud losses could reach $331 billion by 2027.