’s Quarterly Fraud and Cyber Crime Report reveals that UK residents have lost over £1 Billion due to a huge rise in fraud and cyber crimes in the first 6 months of 2021

According to the report, around 81,018 fraud and cyber crime police reports were issued in Q2 of 2021, which is less than that of Q1 when there were 137695 reports. This cyber crime report mentions that people in the UK lost around £382.3 Million in Q2 out of the overall loss of £1 Billion in both quarters combined.

The average per victim financial losses due to these cyber incidents in both quarters is over £4500.

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Categorization of Cyber Crimes

According to the cyber crime report, the most common type of cyber crime and fraud in Q2 of 2021 was related to online shopping and auctions. This alone comprised every 1 in 5 reported cyber crimes of Q2 2021. This type of cyber crime accounted for a total loss of £11.9 million.

Additionally, cyber crimes related to financial investments and share sales turned out to be the costliest out of all cyber crimes. Around 1309 victims were affected by this and lost around £35.8 million cumulatively. When seen as average loss per customer, this rose up to the tune of £26,585.

The report reveals that people aged above 70 were more vulnerable to computer software-related frauds than any other age group.

Along with this, the report says that UK residents in the age group 30-39 were the most common victims of cyber crime and fraud, making up the biggest chunk of the overall reported cases.

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