Government publishes Fraud Strategy 2026 to 2029

The government published its Fraud Strategy 2026 to 2029 in March 2026, with the stated aim of disrupting crime, supporting economic resilience and delivering justice¹. The strategy sets out five main initiatives, including launching a public-private Online Crime Centre to share data and collaborate on interventions intended to eliminate online fraud at scale, and operating Report Fraud, described as a new, streamlined reporting service for victims¹.

The strategy also covers enhancing the law enforcement PROTECT response through increased data-led proactive policing and targeted support to at-risk individuals, and collaborating with the telecommunications, online and financial services sectors on interventions addressing their vulnerability to criminal exploitation¹.

The scale of banking fraud

Industry body UK Finance estimates that criminals stole £1.28 billion through banking fraud and scams in 2025, of which £703 million was unauthorised and £576 million was authorised¹. The same briefing elsewhere cites industry figures of £1.3 billion stolen from individuals through banking fraud and scams in 2025¹. Unauthorised fraud is where a third party carries out the transaction; authorised fraud, also known as Authorised Push Payment (APP) fraud, involves the victim being tricked into paying money into an account controlled by a criminal¹.

Payment providers almost always reimburse victims of unauthorised fraud, and since October 2024 they have been required by law to reimburse APP victims, subject to conditions such as the customer being grossly negligent¹. Since the law changed, the reimbursement rate has risen from around 54% to 65%¹.

Why it matters for households

Fraud accounted for over 45% of crimes against individuals in England and Wales in 2025, with around 1 in 14 adults the victim of a type of fraud in that period¹. The government has estimated the cost of fraud to society, including banking and non-banking fraud, at at least £14.4 billion in 2023 to 2024, a figure covering money lost as well as the cost of caring for victims, recovering losses, and investigating and prosecuting fraudsters¹.

For people who lose money, the route to reporting depends on where they live. In England, Wales and Northern Ireland, Report Fraud, based within the City of London Police, is the national reporting centre for fraud; in Scotland, frauds are reported directly to Police Scotland¹. The City of London Police then refers cases with potential for investigation to local forces, which may work alone or with other forces in Regional Organised Crime Units; particularly serious, complex or wide-ranging cases may be investigated by the National Crime Agency or the Serious Fraud Office¹. In the year ending March 2025, only 4% of recorded fraud offences were referred to territorial forces for investigation¹. The public sector's approach has been criticised by the policing inspectorate, the Home Affairs Committee and the National Audit Office over the lack of a joined-up strategy, fraud being treated as a low priority by police forces, and insufficient action by the tech and banking industries¹.

What happens next

The strategy covers the period to 2029¹. The briefing does not set out a timetable for the Online Crime Centre, Report Fraud, the Fraud Victims Charter or the other initiatives, and no dates for these have been reported¹.