There are many words used to describe fraud: Scam, con, swindle, extortion, sham, double-cross, hoax, cheat, ploy, ruse, hoodwink, confidence trick.
These are just a few words you might hear in relation to fraud. Fraud can be committed against individuals or businesses.
Cyber crime is any criminal act dealing with computers and networks (called hacking). Additionally, cyber crime also includes traditional crimes conducted through the Internet.
Facts about fraud and cyber crime
The 2019 Financial Cost of Fraud report estimates the cost of fraud to the UK is between £130bn - £190bn a year. The Office for National Statistics (ONS) say that people are more likely to fall victim to fraud or cyber offences above any other crime.
Between April 2018 and March 2019 there were:
-
741,123 crimes were reported to Action Fraud.
-
£2.2bn lost by victims.
-
65% of reports were from businesses and 35% from individuals.