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Academic report indicates cost of Fraud to the UK is £193bn a year

The annual cost of fraud in the UK could be as high as £193bn per year according to a new report issued today. This dwarfs previous estimates produced by the UK Government which put the figure at around £50bn in 2013.

The Annual Fraud Indicator 2016 has been overseen by the UK Fraud Costs Measurement Committee (UKFCMC), supported by Experian and PKF Littlejohn and is based on research by University of Portsmouth’s Centre for Counter Fraud Studies.

The UKFCMC has revised and renewed research undertaken by the Government up to 2013. It reveals the staggering true cost of fraud - an average of more than £3,900 per adult in the UK with losses taking place at a rate of £6,000 per second.

Commenting on the report Commissioner of the City of London Police, Ian Dyson QPM “This report illustrates what my fraud investigators see on a daily basis, that the cost of fraud to business, individuals and the public sector is vast and continues to rise.

“What the report can’t illustrate is the human cost of fraud which ruins lives and blights every community in the UK.

“Victims are at the centre of what we do at the City of London Police and through our Economic Crime Prevention Centre we aim to prevent fraud occurring in the first place.

View the report here