The first recorded fraud was around 360 BC.
A ship owner called Hegestratus insured a ship loaded with corn. In fact, the ship had an empty hold, and he planned to sink his vessel, make it back to shore on a raft, and pocket the value of the boat and the non-existent corn.

In the 1990s the most common type of fraud reported was application fraud – when an account is opened using fake or stolen documents in your name, using the account to withdraw cash, get credit, or find other ways to defraud you.

The 2000s saw a huge increase in identity fraud with people able to apply for products and services online – by 2004 it accounted for 40% of all frauds.

Pre-Internet identity fraud was a much more ‘specialist’ activity. But in the early days of the Internet the availability of false documents online – sold as novelty documents, which weren’t technically illegal – and instructions on how to use them, meant anyone could now commit fraud.

The Fraud Act 2006 came into effect in 2007, giving a statutory definition of the offence and defining it in three classes: false representation, failing to disclose information, and abuse of position.

The 2008 financial crisis impacted fraudsters as well – credit limits increased, meaning many fraudulent applications were declined as they failed the credit check.

In the last 10 years, the number of people fraudulently abusing their bank account has doubled – mostly money laundering activity such as ‘money muling’.

Identity fraud hit an all-time high in 2017 with more than 175,000 cases registered with Cifas – in 95% of those cases an innocent party was impersonated.