NEW data has revealed that card identity theft losses in the UK have soared by 53 per cent in just one year, with losses hitting a staggering £79.1-million in 2023.

The losses have jumped from £51.7-million in 2022 to £79.1-million in 2023, while the number of reported incidents has risen from 82,064 to 142,442 over the same period.

The study analysed recent fraud data and found that identity theft now ranks as the fastest-growing fraud category across the UK, with a 74 per cent increase in reported incidents compared to the previous year.

Data from major UK banks and payment providers shows that mobile banking fraud has also seen a surge, with monetary losses rising by 33 per cent to £45.5-million and incident numbers jumping by 62 per cent between 2022 and 2023.

The analysis found that purchase scams remain a common fraud type by volume, with over 156,000 incidents reported last year—a 34 per cent increase from 2022. Telephone banking scams have increased by 19 per cent, with reported losses of £17.6-million in 2023.

While some fraud categories showed encouraging declines, experts warn that criminals are simply shifting their focus to more lucrative methods.

Internet banking fraud has fallen by 22 per cent in value and 57 per cent in incident numbers, which shows that improved security measures in this area are working.

Remote purchase fraud remains the largest category by total value at £360.- million in 2023, despite a 9 per cent decrease from 2022. This fraud type involves transactions made without a physical card present, such as online shopping.

According to the UK government's Fraud Strategy, fraud now accounts for over 40 per cent of all crime in England and Wales, with an estimated cost to society of at least £6.8-billion annually.