Online fraud now accounts for 40% of all crime in the UK as recorded by the Crime Survey of England and Wales, with online fraud and cyber crimes responsible for nearly £2bn in losses in 2021.
According to the latest ONS report, investment fraud victims lost the most money last year, with investment fraud showing a 42% year-on-year growth in reported cases.
With people aged 18-24 making up 25% of online investment scam victims, reports have stated that young people are being lured by fake ads and accounts on social media platforms such as Facebook, Instagram, and Twitter, as fraudsters promote things such as cryptocurrencies, foreign exchange, and binary options.
However, with the UK Online Safety Bill now put in place to protect users from pre-paid fraudulent adverts as well as user-generated scams, the government hopes to improve on these statistics in the near future.
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