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The new estimate and comprehensive data breakdown is testament to improved methodologies and cooperation across Government and industry. It also shows the real impact fraud has on individuals, businesses and Government.
Loss estimates to fraud by sector:
Public: £21 billion Private: £12 billion Individuals: £4 billion Charity: £1.3 billion
The public sector remains the highest proportion of the fraud loss at £21 billion - 55% of the total figure. This estimate, for the first time, includes new and more accurate figures for procurement (£2.4 billion) and grant fraud (£515 million).
Commenting on the report Commissioner Adrian Leppard, of the City of London Police, National Lead Force for Fraud, said: "With the advancement of technology we find the nature of fraud is constantly evolving. But the key facts remain the same; fraud is costing the UK economy tens of billions of pounds and fraudsters are destroying the lives of thousands of people, young and old.
"In 2011 we must make sure we use all the weapons at our disposal to break the criminal networks and help prevent fraud in all corners of our society. In the National Fraud Intelligence Bureau (NFIB) the counter fraud community now has the most advanced police analytical system in the world ready to lead our fight against financial crime."
