Knowledge Check
According to the video, what percentage of scams in the United Kingdom is it estimated to be reported to law enforcement?
5%
While more recent studies have suggested that this figure is now slightly higher, reporting of fraud and scams is still too low.
20%
It's not quite as high as 20% but close!
35%
It would be fantastic if reporting could be this high,
50%
It would be fantastic if reporting could be this high,
What do criminals rely on to get their victims hooked and responding to scams?
Loneliness, Isolation, Shame
People who are situationally vulnerable through isolation and loneliness are more likely to become a victim of a fraud or a scam. Victims are less likely to report the fraud due to social stigma and the shame attached to becoming a victim of scams.
Wealth, Intelligence, Power
Anyone can be a victim of fraud and scams but those that are situationally vulnerable are more likely to become victims and are therefore more likely to become victims.
According to the video, how much does fraud and scams cost the UK economy?
Estimated
£300 - £500 Million
This figure is too low.
Estimated
£5-£10 Billion
Scams and Fraud are estimated to cost the UK economy between £5-£10 Billion each year. The true figure is not known because it is estimated that only 5% of fraud and scams are reported.
Estimated
£50-£100 Billion
Some reports suggest that the scale of fraud and scams in the UK is as high as this but not according to our study.