Just one in 700 scams result in a fraud conviction despite rising numbers of investment fraud, Quilter has found.
A Freedom of information request submitted by Quilter to the Ministry of Justice showed fraud convictions have fallen by 10 per cent on average year-on-year since 2011 to reach levels not seen since the Fraud Act 2006 was introduced.
In 2019, 3.7m incidents of fraud occurred in England and Wales, but only one in five of these cases (743,380) were reported to the National Fraud Intelligence Bureau.
Of these, just 5,234 convictions were secured under the Fraud Act 2006, amounting to one in 142 cases reported to the authorities.
This compares to around one in every 32 police recorded thefts ending in a conviction in the same year.
The FOI also showed that despite fraud carrying a maximum sentence of 10 years imprisonment and a fine, in 2020 the average custodial sentence secured under the Act was just under 20 months and the average fine…