- Police save financial industry £55.5m of losses last year
- City Corporation’s £600 million Salisbury Square investment will help tackle cyber crime
- Force’s specialist unit has prevented £800m worth of card and payment fraud since launch
The Chair of the Police Authority Board warned last night that fraud is “damaging the foundations of our nation” and the UK must treat fraud, economic and cyber crime with the same urgency as street crime.
Speaking at the Police Authority Board Dinner following the appointment of a new Home Secretary, Tijs Broeke told senior policing, business, and political leaders, that “security and prosperity are inseparable”.
He said: “The scale of the challenge is stark. In the past year alone, UK businesses faced more than eight and a half million cyber incidents. That’s around 23 thousand every single day”. The Police is responding – providing expert cyber guidance and resilience tools to protect businesses and the public, and proactively pursuing offenders.
The threat is growing, he said, with latest data showing 4.2 million incidents of fraud in the year ending March 2025 – an increase of nearly one-third on the previous year. Home Office estimates fraud against individuals and businesses costs the country £6.8bn a year, “dragging our economy down”.
He also stressed the need for strong partnership between police, government and business, highlighting the successful collaboration between the Police, Corporation, fraud and policing partners, and UK firms.
“What sets the Police apart are close relationships with financial and professional services, telecoms, and the tech sector. No other force has the in-house expertise, industry contacts and scalability to replicate its specific focus on tackling fraud”, he said.
The Police – the UK’s lead force for fraud – has a long-established public-private partnerships model which saved the financial industry £55.5m of losses last year, while its Dedicated Card and Payment Crime Unit has prevented £800m worth of fraud since its creation. Its Economic and Cyber Crime Academy has trained more than 3,500 people in the last three years, upskilling national policing with vital expertise to investigate economic and cyber crime.
The force was recently graded “outstanding” for crime recording and “good” for investigations and response by His Majesty’s Inspectorate of Constabulary and Fire & Rescue Services (HMICFRS) – a testament to its focus on victims and quality policing.
Alongside the replacement service for Action Fraud, Mr Broeke highlighted the £600 million Salisbury Square development, funded by the Corporation, which will deliver a new Police HQ and 18 courtrooms dedicated to tackling fraud, cyber crime, and economic crime at scale.
Mr Broeke called for Government support to:
- Treat online crime like street crime – with clear local force responsibilities, mainstreamed victim care, and sharper performance measures for police
- Make fraudsters pay – by seizing illicit funds from criminals and reinvesting them in enforcement and victim care
- Accelerate digital verification – rolling out secure systems to protect consumers and businesses, potentially saving £5bn by 2030
He said: “We must hit criminals where it hurts – in their wallets. We must turbo-charge civil recovery, seize crypto faster, and reinvest recovered funds into enforcement and victim care. Every pound recovered is a pound that cannot fund the next scam or hostile state attack.”
The Corporation’s Court of Common Council is the Police Authority for the Square Mile. The Court delegates this duty to the Police Authority Board. The Board is responsible for holding the Commissioner to account in running an effective and efficient service; ensuring value for money in the way the force is run; and setting policing priorities taking into account the views of the local community.
ENDS
Notes to editors
Image 1 (L – R): Tijs Broeke, Chair of the Police Authority Board, Dan Jarvis, Minister of State for Security and as Minister of State in the Cabinet Office, Jason Groves, Deputy Chair of the Police Authority Board , Pete O’ Doherty, Commissioner of the Police.
ABOUT THE CITY OF LONDON CORPORATION:
The Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally successful UK.
';
