Money.co.uk business insurance experts have released their first Business Fraud report, which uncovers that in the past year the average losses for UK organisations to fraudsters was more than £2.1 billion!

The report analyses police figures on organisational fraud and cyber crime to reveal what types of crime targeting businesses and other organisations are on the rise in the UK, where it’s happening, and what kinds of organisation it’s affecting the most.

2022-23’s Quarterly organisational fraud and cybercrime figures

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Number of reported cases

8,559

10,259

9,927

10,410

Reported losses

£695,300,000

£989,700,000

£319,500,000

£145,800,000

Q3 2022 saw the highest value of reported losses, accounting almost half (46%) of the losses of the previous 4 quarters put together – though in terms of the number of reported cases, the most recent quarter was the highest. In total organisations in the UK lost more than £2.1 billion over the previous 12 month period.