For UK companies, corporate fraud in the first quarter totalled £26.6m with more than 1,357 cases being reported in Q1. The average value of each attack was £19,600. This was significantly lower than the previous quarter, which recorded losses of £31.7m from fraud and economic crime with an average £21,390 stolen in each attack.

Investment fraud came out on top for the first quarter, with total losses from January to March 2023 adding up to £289.3m, with the average loss per case being £22,815.

Cybercrime continues to be the main method used by fraudsters as criminals become more sophisticated in their methods.