Annual Fraud Indicator 2017: UK foots £190 billion annual fraud bill

13 Nov, 2017

The annual cost of fraud in the UK is £190 billion, equal to around £10,000 per family, according to our latest Annual Fraud Indicator 2017.

The Annual Fraud Indicator (AFI) 2017 highlights the colossal cost of fraud to the UK economy. Unless an organisation understands the nature and cost of fraud affecting it, how can it apply the right, proportionally resourced solution? How can it track progress in reducing the prevalence and cost of fraud? How can it understand the value derived from its investment in countering fraud?

The AFI has been developed with Experian and the Centre for Counter Fraud Studies, University of Portsmouth, to help create a benchmark by which year-on-year sector specific analysis can be made.

Download the AFI report today to read in-depth analysis of fraud levels in the UK economy of which:

  • annual fraud losses are indicated to cost £190 billion
  • private sector losses are estimated to be £140 billion
  • public sector losses are estimated to be £40.4 billion
  • charities and charitable Trusts are believed to be losing £2.3 billion
  • frauds committed directly against individuals are estimated at around £6.8 billion.

These numbers are far from insignificant. With the latest National Audit Office and National Crime Agency statistics confirming that fraud has surged to the top of the list of commonly committed crimes, now is the time to identify and measure its cost so that businesses, government bodies, charities and individuals can understand the value of their investment in countering fraud.

For more information or to discuss the AFI’s findings and how they may impact your organisation, please contact Jim Gee.

Follow my company on LinkedInFollow me on TwitterWatch my channel on YouTube