‘Report Fraud’ to improve reporting of crime

‘Report Fraud’, a national service designed to transform how victims and businesses across England, Wales and Northern Ireland report cybercrime and fraud, was recently launched by the City of London Police.

The service aims to give individuals and businesses a faster and easier way to report fraudulent activity, with a focus on collecting evidence to support police investigations.

As the City of London Police’s press release states, “cybercrime and fraud are now the most common crimes in the UK, accounting for around 50 per cent of all offences and costing the economy billions of pounds each year. Cyber-enabled crime and fraud continue to grow in both scale and sophistication, targeting individuals, small businesses and major organisations alike.”

In the first half of 2025 alone, there were more than two million confirmed cases of fraud, according to UK Finance. Despite this, many individuals and business leaders still assume they are unlikely to become victims.

Even some of the UK’s largest organisations have suffered significant cyber incidents in the past year, including Adidas, Marks and Spencer, Heathrow Airport and Jaguar Land Rover.

Beyond the immediate financial impact, businesses that experience fraud can also face heightened scrutiny from insurers, regulators and auditors, all of whom expect clear evidence of how incidents were identified, documented and managed.

Roger Isaacs, National Technical Director of NIFA, comments, “Many corporate victims of cybercrime now benefit from cyber insurance which will not only contribute towards the costs of reinstating lost data but can also compensate businesses for lost profits caused during periods of disruption caused by cyber attacks.

“The calculation of the profits foregone is frequently complex and can be contested by insurers.  For that reason, specialist forensic accountants play a crucial role in estimating losses for business interruption.  Insurers will usually instruct their own forensic experts and victims of cybercrime would be well advised to do likewise to ensure that their claims are robust and capably of standing up to scrutiny and challenge. ”

Share on Twitter