Since launching in recent years, Jim Recovery Team has spoken with many victims of authorised push payment fraud (APPF). One key issue has become clear: fraud statistics often fail to reflect the real experiences victims face.
This gap exists because of several contributing factors, and unfortunately there is no single solution that fixes the data problem. As with many areas of financial crime, the issue is complex. However, improving the way fraud is reported and recorded could help create better support systems for victims.
There are two major sources typically referenced when examining fraud data. Looking at each of them individually rarely provides a complete picture, which we explain below.
Action Fraud
Action Fraud is the UK's national reporting centre for fraud and cybercrime, operated by the City of London Police. When someone becomes the victim of fraud, it is generally recommended that the incident be reported through the Action Fraud reporting platform. Their system uses a triage approach — meaning that the more reports submitted about a specific scam or entity, the greater the likelihood that law enforcement may investigate.
However, the platform has faced criticism over the years. Some victims find the reporting process difficult to navigate, which can be especially challenging for those already dealing with financial loss. In addition, victims sometimes report limited follow-up after submitting a report. In many cases, if a bank resolves a claim or a victim chooses not to pursue the matter further, the incident may never be formally reported — meaning it never appears in national statistics.
UK Finance
UK Finance represents banks and financial institutions across the UK and publishes regular reports summarizing fraud trends and financial crime statistics. These reports are widely referenced when discussing the scale of fraud within the financial sector.
However, the data collected often depends on what banks classify as fraud. Certain types of losses may not be recorded if they fall outside specific reporting definitions. For example, some cryptocurrency-related transfer scams may not appear in banking fraud reports if the funds were first moved to a customer-controlled wallet before being sent to a scammer.
Another limitation is that UK Finance only represents its member institutions. Some financial platforms and fintech companies are not included in their reporting network, meaning incidents involving those services may not appear in the overall statistics.
Additionally, in some situations financial institutions may classify incidents differently — such as labeling them civil disputes or investment losses rather than fraud. When incidents are categorized this way, they may not be included in fraud reporting data.
At Jim Recovery Team, we believe improving transparency and encouraging consistent reporting are important steps toward understanding the true scale of financial fraud. Accurate data helps support stronger prevention strategies and provides better protection for individuals navigating the digital financial landscape.
