Economic Crime Survey 2024

Ipsos was commissioned by the Home Office to conduct a landmark study, comprehensively measuring incidence of fraud, corruption and money laundering in UK businesses (a global first). The research was mixed method, involving a quantitative telephone and online survey of 3,477 businesses with employees in the UK between February and August 2024, alongside 38 qualitative interviews undertaken from July to September 2024. Survey development involved a rapid evidence review, workshops with academic, government and industry stakeholders, and cognitive testing and piloting.

The results from the study directly impacted the UK anti-corruption strategy 2025 and the UK fraud strategy. They allowed the Home Office to respond to the Chair of the Business and Trade Select Committee with the first national estimate of money laundering activity. Based on the findings, there is a renewed focus on SMEs in the strategies (including new anti-bribery resources and self-reporting incentives), praised by Transparency International. The former Executive Director of Transparency International called the anti-corruption strategy “a significant step forward for the UK government on evidence use”.

A broad range of statistics were collected and then contextualised through follow up qual, with key findings including the following: 

• One in 4 businesses with employees (27%) experienced fraud in the 12 months prior to the survey, equating to approximately 389,000 businesses.
• There were a high number of repeat victims, with the average (mean) business victim experiencing 16 fraud incidents in this period; between them, it is estimated that these businesses incurred approximately 6.04 million instances of fraud
• About 1% of UK businesses had been offered a bribe from another UK business or individual in the last 12 months, and 1% reported that they had to give or were asked to give a bribe to another UK business; there were an estimated 117,000 incidents in which businesses with employees were offered bribes by other UK businesses or individuals in the past 12 months
• In the qualitative research, businesses admitted often being uncertain of what constitutes corruption and had difficulty identifying money laundering, making underreporting a major issue for law enforcement.
• Almost all (95%) businesses considered themselves not to be at risk from money laundering; this was most commonly due to perceptions that their business was too small to be targeted (28%), that they did not deal in physical cash (27%) or that they considered their customers to be trustworthy (25%)
• Under a fifth of businesses with employees (17%) were specifically aware of the financial sanctions regime and how it affected them; awareness was higher than average among medium businesses (25%), large businesses (30%) and regulated businesses (58%, versus 12% of unregulated businesses)

Ipsos would like to thank Professor Michael Levi from Cardiff University for his contributions to the study development process, research materials and findings report. We would also like to thank Samantha Dowling, Nicole Foster, Caitlin Inman, Helen Jones, Jessica Kelly, Andrew Kent, Clare Lyne, Rebecca Millett, Abe Sweiry, Katherine Weaver and Iona Woodbridge at the Home Office for their project management, support and guidance throughout the study.