Tag Archives: fraud

Fraud costs UK £73 billion every year

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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.

Increase in fraud at public sector organisations

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Some 60% 0f public sector organisations experienced fraud in the last twelve months, up from 52% in 2009, says a new report from PwC out today. The report suggests that loss of income as a result of the economic downturn has caused more employees to turn to fraud, emphasising the need for organisations to be extra vigilant of fraudulent activity among their employees and others.

The press release is at http://www.ukmediacentre.pwc.com/News-Releases/Fraud-in-public-sector-increases-as-cuts-bite-106b.aspx and the full report can be downloaded at http://www.ukmediacentre.pwc.com/imagelibrary/downloadMedia.ashx?MediaDetailsID=1912

Theft and fraud reports to the Charity Commission almost double

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The value of theft and fraud reported to the Charity Commission totalled 21m last year according to their third annual report, as reported on the Civil Society website. The commission recieved 451 reports of serious incidents and conducted 180 investigations. Although the number of incidents reported has almost doubled in comparison to last year it is thought that there are many more that go unreported. The increase is said to be down to the proactive monitoring work of the regulator’s compliance unit; lets hope they keep up the good work.

Caught: fishing leaders in £15 million racket…

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skippers have admitted making illegal landings worth almost £15 million in the biggest scam in the history of Scotland’s fishing industry. Investigation teams swooped on Fresh Catch in Peterhead and Shetland Catch in a co-ordinated operation involving Grampian Police, Northern Constabulary and the Scottish Fisheries Protection Agency (SFPA), the organisation responsible for the enforcement of fisheries regulations north of the Border.

The growing threat of internal fraud…

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The UK’s Fraud prevention service, CIFAS, in collaboration with a number of private and public sector bodies and experts has released a report looking into Staff Fraud and what action can be taken to prevent it. The report, entitled The Internal Betrayal, contains a number of articles ranging from links with organised crime and whistleblowing procedures to investigating the motivations behind employee fraud. The full report can be found here http://www.cifas.org.uk/download/The_Internal_Betrayal_CIFAS_Special_Report.pdf.

CIFAS staff Fraud members noted a 45% increase in the number of cases of internal fraud from 2008 to 2009, this was reflected in the findings of ABM’s investigation survey carried out earlier this year which revealed that internal theft and fraud were among the most investigated incidents by investigation professionals.