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Fraud costing businesses £5,000 billion

04/06/2010 Fraud costing businesses £5,000 billionGlobal businesses are losing £5,000 billion a year due to fraud, newly-released figures have shown.

Research conducted by the Association of Certified Fraud Examiners - which looked at firms in 106 different places - found that five per cent of annual revenues are lost to the practice.

David Alexander, forensic director at Smith & Williamson, noted the sheer scale of the problem is "breathtaking".

In terms of the UK, the figures imply that fraud is costing businesses in the country some £75 billion, he added.

The specialist said: "Organisations can no longer bury their heads in the sand and say it will not happen to us. They need to institute robust anti-fraud controls."

Mr Alexander stated companies have to make sure they investigate any suspicious activity they see.

The results come at a time when businesses have to deal with a number of cuts on top of this.

But David Kern, chief economic advisor at the British Chambers of Commerce, recently noted he expects the financial market to be able to survive them.

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