History of Fraud in Timeline

By Popular Timelines Editorial Team · Updated: July 14, 2026

Fraud is the intentional act of deception for personal gain or to cause loss to another party. It relies on misrepresentation, the concealment of material facts, or the abuse of trust to secure an unfair advantage. Common forms include financial fraud, such as embezzlement or investment scams, identity theft, and insurance fraud. The impact of fraud extends beyond monetary loss, often eroding institutional integrity, damaging reputations, and undermining consumer confidence in markets. Prevention strategies typically involve robust verification processes, internal audits, and regulatory compliance. Legal frameworks worldwide categorize fraud as a serious crime, punishable by fines or imprisonment, depending on the severity of the deception. Ultimately, fraud is a dynamic issue that evolves alongside technological advancements, requiring constant vigilance and adaptive security measures to mitigate risk.

1911: Adoption of Blue Sky Laws

Starting in 1911, various states began adopting Blue Sky Laws to protect the public from fraud by requiring the registration of securities offerings, sales, stockbrokers, and brokerage firms.

1933: Conclusion of Blue Sky Law adoption and SEC foundations

By 1933, the adoption of Blue Sky Laws across 47 states was completed, though their overall ineffectiveness led to the establishment of the U.S. Securities and Exchange Commission (SEC) by Franklin D. Roosevelt to better regulate the market.

1978: Theft Act 1978 Legislation

The Theft Act 1978 served as the legal framework for offenses related to obtaining property by deception and pecuniary advantages until it was largely replaced by the Fraud Act in 2006 and 2007.

2006: Enactment of the Fraud Act 2006

In 2006, the Fraud Act 2006 was enacted in the United Kingdom, though it notably does not apply to the legal jurisdiction of Scotland, which continues to rely on its own common law and specific statutory fraud offences.

2006: U.S. Government Fraud Review

In 2006, the United States government conducted a review of fraud crimes, which concluded that fraud was significantly under-reported and highlighted a critical need for greater inter-agency cooperation and the creation of a centralized, high-powered body to manage counter-fraud initiatives.

2007: Implementation of the Fraud Act 2006

Starting in 2007, the Fraud Act 2006 became the primary legislation governing fraud across England, Wales, and Northern Ireland, establishing a clear statutory definition of the criminal offense.

2010: ACFE Global Fraud Survey Findings

In 2010, the Association of Certified Fraud Examiners published a survey revealing that organizations typically lose five percent of their annual revenue to fraudulent activities, with a median loss of $160,000. The data indicated that executive-level fraud was significantly more financially damaging than that committed by regular employees, identifying banking, manufacturing, and government sectors as the primary targets.

2011: Interpretation on Several Issues Concerning the Specific Application of the Law in Handling Criminal Cases of Fraud

In 2011, the Supreme People's Court and the Supreme People's Procuratorate issued an interpretation to define fraud thresholds, establishing that theft or fraud of property valued between 3,000 and 30,000 yuan is considered a "relatively large amount," 30,000 to 500,000 yuan is a "large amount," and exceeding 500,000 yuan constitutes a "particularly large amount" under Article 266 of the Criminal Law.

July 2016: National Crime Agency Fraud Loss Estimate

In July 2016, the National Crime Agency reported that annual fraud losses exceeded £190 billion, with the Fraud Advisory Panel breaking this down to £144 billion for businesses and £9.7 billion for individuals.

2017: Financial Times Fraud Figure

During the year 2017, the Financial Times reported a specific fraud loss figure of £2.11 billion.

March 2020: National Strategy Fraud Loss Estimate

For the year ending in March 2020, the government's National Strategy estimated that fraud-related losses totaled at least £6.8 billion.

2020: Analysis of Fraud Loss Figures in England and Wales

In 2020, data from the Crime Survey for England and Wales revealed that 26% of reported fraud cases resulted in no financial loss. Among cases that did incur losses, 76% involved amounts under £500, with a median loss of £150. Furthermore, the National Fraud Intelligence Bureau processed 875,000 cases with an average loss of over £2,600, while reports filed specifically with Action Fraud saw a higher average loss of £7,500.

2020: Economic and Social Impact Analysis of Fraud

In 2020, researchers utilized the Quality Adjusted Life Years approach to quantify the total societal burden of fraud, estimating that individual victim impact reached £1.3 billion in costs—including lost productivity and health treatments—while police expenditures for fraud response were calculated at an additional £0.2 billion.

2021: House of Commons Library Fraud Assessment

In 2021, the House of Commons Library published a claim stating that fraud could potentially cost the United Kingdom over £137 billion annually.

2022: Analysis of Financial Fraud Losses

In 2022, data regarding financial fraud incidents revealed that 77% of victims who suffered a loss incurred an amount of less than £250, with the median loss recorded at £79. Additionally, 14% of victims lost between £250 and £999, while 9% of incidents resulted in losses of £1,000 or more.

2022: Industrial-scale Fraud Operations

In 2022, it was determined that the primary source of online fraud activities affecting the United Kingdom was industrial-scale scamming call centers located in Asia.

2023: Authorised Push Payment Fraud Trends

During 2023, statistics on Authorised Push Payment (APP) fraud showed that 70% of individuals lost less than £1,000, while 4.6% of incidents involved losses exceeding £10,000. These high-value incidents represented over 13% of total transactions and accounted for more than 60% of the aggregate financial losses for that year.

2023: UK National Strategy on Fraud

In 2023, the United Kingdom introduced a new National Strategy aimed at fundamentally changing how the government handles fraud committed against individuals. While the strategy promotes a multi-agency response, it faced criticism for failing to adequately address the specific nature of fraud, and police oversight bodies highlighted significant ongoing issues including inconsistent police enforcement, inadequate victim support, and a lack of focus on crime prevention.

2024: Rising Fraud Trends in 2024

During 2024, there was a noticeable surge in consumer, retail, and advanced fee fraud types, which significantly contributed to the overall increase in total fraud incidents observed through 2025.

2024: Police Fraud Investigation Statistics in 2024

In 2024, only 2% of recorded fraud offences were referred to local police forces for investigation. While the total number of referred cases saw a 37% increase during 2024, the success rate or positive outcome rate for these investigations dropped by 15%.

2024: Publication of Police-Reported Fraud Statistics

In 2024, the City of London Police's Report Fraud Analysis Services began publishing the most recent data regarding police-reported fraud cases online for public access.

2025: UK Anti-Fraud Infrastructure

As of 2025, the United Kingdom utilizes an integrated network of government agencies, such as the National Crime Agency and the Serious Fraud Office, alongside specialized units like the National Economic Crime Centre, to detect, prevent, and manage fraud through inter-agency collaboration and policy development.

2025: Replacement of Action Fraud with Report Fraud

In 2025, the NFIB transitioned its public-facing operations by replacing the previously criticized Action Fraud service with a new platform known as Report Fraud.

2025: 2025 Fraud Statistics and Trends

In 2025, there were approximately 4.1 million incidents of fraud, representing a 14% increase from the previous year. Of these cases, 3 million resulted in financial loss, with victims receiving full reimbursement in 2.2 million instances. Bank and credit account fraud remained the most common types reported during 2025.