March 30, 2012

Fraud costing UK 73 billion pounds annually

Fraudsters are costing the UK a whopping 73 billion pounds a year, the National Fraud Authority (NFA) announced on Friday.

The estimate is based on the third Annual Fraud Indicator report, which provides the best estimate of the cost of fraud to the UK economy, official sources here said.

The estimate of fraud represents money that individuals, businesses and Government can ill afford to lose ending up in fraudsters? pockets, the NFA said and added that the new estimate is significantly higher than previous attempts to quantify the scale of the problem.

According to Stephen Harrison, chief executive of NFA, the higher estimate was due to the improvement in the quality and quantity of data available to produce an estimate of fraud loss.

The latest estimate includes new sources of previously undetected fraud.

The report shows how the NFA and its partners uncovered losses which were previously hidden, helping organisations to actively prevent this type of crime in the future.

Minister for Crime and Security James Brokenshire said, For too long fraud has almost been seen as a victimless crime.

It isn't used by serious criminals to fund anything from human trafficking to drug dealing and too often victims are some of the most vulnerable members of our community."

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