REGULATION | UK Government Strategy Paper Says Fraud Accounts for Almost 50% of Offences – Labels Crypto a ‘Growing Risk’

Britain’s government has warned that cryptocurrencies are becoming an increasing factor in fraud and scams as part of a new national strategy to combat financial crime, highlighting the role of digital assets in online investment fraud schemes.

In its Fraud Strategy 2026–2029, the UK government said fraud has become the country’s largest category of crime, accounting for about 45% of offences in England and Wales, with around one in 14 adults falling victim in the year to September 2025. The total economic cost of fraud reached £14.4 billion ($18.4 billion) in 2023–2024, according to the report.

The strategy identifies emerging technologies, including cryptocurrencies, as shaping the next wave of financial crime noting that digital assets are now part of everyday digital activity but are also used by criminals in investment scams and fraud schemes.

The government said it will invest more than £250 million between 2026 and 2029 to implement the strategy, which aims to disrupt fraud networks, strengthen enforcement and improve cooperation between government, police and private-sector platforms.

Among the initiatives is the creation of a public-private Online Crime Centre to share intelligence and coordinate responses to online scams, alongside expanded public awareness campaigns such as “Stop! Think Fraud.”

Authorities say the plan also involves strengthening reporting mechanisms, improving cross-border cooperation and increasing law-enforcement capabilities to track digital-asset related crime.

Fraud has grown rapidly in recent years as more financial activity moves online, with the government warning that criminals are increasingly exploiting technologies ranging from social media platforms to digital payment systems and cryptocurrencies to target victims.

The strategy forms part of Britain’s broader effort to tighten oversight of financial crime and modernise its response to online fraud, which officials say threatens both economic security and public trust in the financial system.

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