Fraud Outside London Hits £117 Million Despite National Drop

Published 2 months ago• 2 minute read

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Fraud remains widespread across the UK’s regions, with £117 million reported outside London and the South East in 2024, according to BDO’s latest FraudTrack report – even as the overall national value of reported fraud plunged by 76%.

The survey highlights the North West and the Midlands as key regional hotspots. The North West recorded £27 million in fraud cases, including a £19 million fraudulent investment scheme linked to a Blackburn man. The Midlands saw £24 million in fraud, with a high-profile case involving an alleged £7 million in false furlough claims in Worcester.

While London and the South East still accounted for the largest share of reported fraud – £433 million – the overall fall in high-value cases helped reduce the UK total to £550 million, down from over £2.3 billion in 2023. BDO attributes the sharp drop to a 63% decline in large-scale fraud cases.

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Money laundering accounted for the greatest share of fraud by value, totalling £337 million nationally. However, smaller-scale frauds such as phishing and identity theft made up 41% of reported incidents, underscoring the growing prevalence of non-corporate fraud.

Stephen Peters, Partner in Forensic Accounting Services and Financial Crime Consulting at BDO, said: “There are some signs of optimism in our data – notably the decline in overall reported fraud values on a national scale. However, the latest edition of our FraudTrack survey also highlights that fraud is prevalent right across the UK, meaning it’s important that we identify regional hotspots to develop more effective fraud prevention and detection strategies.”

From September 2025, large organisations will face new legal obligations under the Economic Crime and Corporate Transparency Act (ECCTA). A new offence will make firms criminally liable if they fail to prevent fraud committed by employees or associates for corporate gain.

BDO reports that 78% of businesses have started preparing for the legislation. Peters added: “It’s encouraging to see organisations taking ECCTA seriously and enhancing their fraud risk management strategies accordingly. However, there are still many businesses that are underprepared and will need to take urgent action to ensure they are compliant.”

BDO’s FraudTrack provides an annual snapshot of UK fraud cases valued at over £50,000, based on a range of open news and reporting sources.

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