£2million in fraud prevented during 2024

More than £2m in fraud was prevented during 2024 due to an agreement between police and financial institutions, called the *Banking Protocol’.

The protocol adds an extra safeguard to help prevent people, especially those who are vulnerable, from being scammed, with banks contacting police when requests are made to withdraw large sums of cash from accounts.

In addition to the £2m fraud prevention, reports of most types of fraud reduced during 2024, however the amounts stolen in fraud cases increased:

• Courier fraud reports were down 20 per cent, but losses increased by 23 per cent.
• Dating fraud reduced 10 per cent and losses remain the same.
• Investment fraud was down nine per cent, but losses increased by 55 per cent.
• Mandate fraud saw a 19 per cent reduction and losses reduced by 55 per cent.
• Rogue trading had a six per cent increase and losses increased by 65 per cent.

In total, across Hertfordshire, there were 5,278 allegations of fraud made to Action Fraud in 2024 (down from 5,705 in 2023) but losses increased from £31m to £34m. There were also 774 allegations of cybercrime in 2024 (up from 374 in 2023).

In future it is likely that new types of fraud will emerge, especially as more fraudsters seek to exploit artificial intelligence (AI). Recent examples of scams using AI include those employing deepfake videos and images of celebrities, for investment scams, and romance scams using attractive social media profiles. 

Detective Inspector Katy Jackson, from Hertfordshire Constabulary’s Serious Fraud and Cyber Unit, said: “Fraudsters will often try to scam potential victims by persuading them to withdraw large sums of cash from their local bank branch and hand it over to them. These types of scams tend to target the most vulnerable in our society, including elderly victims who are particularly at risk.

“Fewer fraud reports were recorded last year but the amounts taken have increased, indicating that fraudsters are carefully selecting potential victims that are more likely to fall prey to their activities. The best defence against fraud is to keep up with the latest scams and prevention advice, understanding how the fraudsters work is key to avoiding their schemes.” 

Visit Action Fraud (opens in new window) or our crime prevention pages for advice on avoiding scams. Regular fraud and cybercrime awareness sessions are run in Hertfordshire, visit: Hertfordshire County Council library events to find out more.

Get the latest scam alerts as well as updates from Neighbourhood Watch, Action Fraud and the Police and Crime Commissioner. Sign up for free at Herts Connected.