Fraud convictions at lowest in 14 years despite rise in cases

Fraud convictions in England and Wales secured under the Fraud Act 2006 have slumped to their lowest level since 2007, according to new data analysed by Quilter.

Freedom of Information (FOI) requests by the wealth manager revealed that just one in 700 incidents of fraud were convicted in 2019.

The data confirmed that fraud convictions have fallen by 10% on average year-on-year since 2011, to reach levels not seen since the Act was first introduced. This is despite financial investment fraud recorded by Action Fraud increasing by 48% on average year-on-year since 2016.

In 2019, figures showed that 3,710,000 incidents of fraud occurred in England and Wales, but only one in five of these cases (743,380) were reported to the National Fraud Intelligence Bureau (NFIB). Of these, just 5,234 convictions were secured under the Fraud Act 2006, amounting to one in 142 cases reported to the authorities.

This compares to around one in every 32 police recorded thefts ending in a conviction in the same year.

Quilter financial crime prevention expert, Debbie Barton, commented: “Over the past few years, we’ve seen a worrying rise in the number of investment frauds reported to Action Fraud. From dubious cryptocurrency and forex trading schemes to non-existent investment bonds, fraud lurks everywhere, particularly online and on social media.

“Yet instead of seeing an uptick in the number of fraud convictions to match the rapid increase in reports to Action Fraud, we’ve seen the opposite. Fraud convictions have dropped off a cliff since 2011 to reach levels not seen since the Act was first introduced.

“Investigating fraud is extremely complex, costly and time consuming, hence why hard stretched police forces have had to make the difficult decision to prioritise other crimes. The result of which being that the legal deterrent for committing fraud is practically non-existent.”

Quilter’s FOI requests also revealed that despite fraud carrying a maximum sentence of 10 years imprisonment and a fine, the average custodial sentence secured under the Act in 2020 was just under 20 months, with the average fine totalling £463.

Barton added: “The surging fraud numbers and falling convictions should send alarm bells ringing in the government. What we need is a holistic review of the UK’s fraud landscape to consider why so many fraudsters are slipping through the net, and to consider how authorities can send a strong message that they intend to get a grip on fraud once and for all.

“A good start to protect the public would be for the government to include further fraud typologies in the Online Safety Bill so that technology companies have a legal duty to tackle harm caused on their sites, and have to take up the slack in monitoring the online world for scams.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?



In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.

The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.