The rising epidemic of fraud in the UK has become a pressing concern, with significant repercussions for both individuals and society as a whole.

Fraud now constitutes 40% of reported crimes in the UK, prompting the Labour Party's 2024 manifesto to prioritize a comprehensive new fraud strategy.

Phil Brickell, a Member of Parliament and former financial crime worker, highlights the emotional and psychological toll that fraud inflicts on victims, especially among the elderly and vulnerable.

Addressing fraud is deemed as crucial as tackling street crime, necessitating robust measures to protect individuals both in their homes and online.

Currently, only 1% of police resources are dedicated to combating fraud, revealing a significant imbalance in law enforcement's focus on this critical issue.

Brickell advocates for enhanced collaboration with tech companies, increased accountability, and additional resources for law enforcement to effectively combat fraud and safeguard consumers.

Social media platforms, particularly those owned by Meta such as Facebook and Instagram, are identified as key facilitators of fraud, yet they have not assumed adequate responsibility for preventing these crimes.

The average number of payments made by victims of APP fraud has risen from 1.6 in 2020 to 1.8 in 2024, indicating the growing sophistication of fraud tactics.

In the first half of 2024 alone, fraudsters stole over half a billion pounds, with the actual cost of automated push payment scams potentially reaching £3 billion, far surpassing previous estimates.