Earlier this month the UK Government announced that there will be a £60m Revamp For Action Fraud.

Police chiefs are reportedly looking for an external company to run the UK’s national fraud and cyber-crime reporting centre, Action Fraud.  According to British newspaper The Times, they are drawing up a contract worth £40m–£60m ($77m, €65.4m) over five years.  Currently, Action Fraud is run by the City of London Police and the National Fraud Intelligence Bureau.

Official figures from Action Fraud show that, in 2018 alone, savers lost over £197m from 6,759 investment scams, averaging at a loss of £29,000 per individual. 

Additionally, the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) recently revealed that, since 2017, the reporting centre received complaints regarding £30.8m lost to pension fraudsters.  But a recent freedom of information request from Quilter revealed just 6.6% of reported pension scams are passed to the police.