UK fraud 'tops £30bn per year'

26/01/2010 UK fraud 'tops £30bn per year'

A National Fraud Authority report aims to identify the areas that people in risk jobs might most expect to encounter fraud in the future.

The National Fraud Authority Annual Fraud Indicator estimates that the total cost of fraud to the UK economy is £30 billion each year.

Drawing together estimates where no precise data is compiled and known fraud losses where they are assessed, the report aims to pick out the most harmful areas of fraud and allow those in risk jobs to prioritise them for the future.

National Fraud Authority chief executive officer Dr Bernard Herdan said: "With this vital information we can develop clearer priorities to prevent, detect and deter fraudsters."

He adds that his desire is not only to minimise the financial loss incurred due to fraud, but also to prevent individuals from becoming victims in the years to come.

Accountancy firm Grant Thornton responded to the publication of the report by calling fraud "pervasive", as associate director of forensic and investigation services Paul Huck claimed that the £30 billion figure is no surprise.

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