Government launches revised Fraud Strategy

In a bid to combat the growing scale of fraud in the UK, the Government has launched its Fraud Strategy 2026 to 2029: Disrupting Crime, Supporting Economic Resilience and Delivering Justice.

The strategy explains how the UK will disrupt methods used by criminals, improve support for victims and strengthen protection for the public and businesses.

It also outlines a major investment programme and the governance arrangements that will oversee delivery.

At the launch event on 9 March, Lord Hanson, the Home Office Minister for State, explained that fraud accounts for 45 per cent of all crime in the UK, draining billions from the economy and posing a national security challenge.

Lord Hanson went on to say that in the last year alone, 4.15 million incidents of fraud were reported against individuals in the UK, while one in four businesses experienced fraud, totalling around 6 million incidents.

Commenting on the launch of the strategy, Roger Isaacs, National Technical Director of NIFA, said that welcome as it is, having a national fraud strategy does not mean business owners can relax their vigilance against fraudsters.

“A national strategy is a step in the right direction,” said Roger. “However, it does not change the fact that a significant number of fraud cases still go unreported or are not pursued. Many originate within organisations themselves, involving employees or trusted individuals who understand internal systems well enough to exploit weaknesses.

“However, the vast majority now involve external perpetrators who often using technology to penetrate the business that they are targeting. Phishing emails and other techniques can be used to infiltrate a business and even the most vigilant employees can sometimes be fooled by sophisticated frauds.

“These days, many businesses obtain cyber insurance that will pay out in the event that find themselves the victim of cybercrime.  In those circumstances, forensic accountancy advice can play in important role in helping to assess the level of losses caused by interruption to the business.”

Sources: Gov.UK, Sarah Gray – Newcastle Chronicle Live, Debbie Runnalls – Lincolnshire Police

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