The National Fraud Authority has issued its latest fraud report, estimating that the total annual cost of fraud to the UK at £73 billion. Changes to the NFA’s methodology mean that their estimate of UK fraud has almost doubled from their 2011 estimate of £38bn.
Fraud in the private sector accounts for the majority of UK fraud at £45.5bn, while fraud in the public sector costs £20.3bn.
Due to the enormous figures involved, even a small dent fraud losses could save UK organisations significant sums of money. UK organisations – public and private sector – need to consider how they are currently tackling fraud and what can be done to improve their investigation and enforcement processes.
Download the National Fraud Authority’s Annual Fraud Indicator.