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NFA reveals extent of UK’s £30bn fraud loss
The National Fraud Authority (NFA) has released it’s first ever Annual Fraud Indicator; a comprehensive report which estimates that fraud is costing the UK over £30 billion a year; equating to £621 for every adult in the UK.
The £30bn figure is broken down by sector, as shown in the diagram below, to estimate Public Sector fraud at £17.6billion, Individual and Charity fraud at £3.5billion and Private Sector fraud at £9.3billion. Figures published earlier this year by BDO LLP put the cost of business fraud at an estimated £2billion compared to this estimate of £9.3billion.
The Indicator is believed to be the most accurate estimate available to date, as the report calls on previously unpublished fraud loss data, as well as calling on estimates from organisations such as the Office of Fair Trading, the FFA and the Telecommunications UK Fraud Forum (TUFF).
The NFA is now the UK’s strategic lead on fraud and oversees the UK’s National Fraud Reporting Centre; Action Fraud.
The Annual Fraud Indicator aims to help shape the NFA's strategy with the Attorney General Baroness Scotland QC, who superintends the NFA commenting: "It means we now have a much more accurate fraud picture which is crucial so we can better target fraudsters."
Introducing the report, Professor Michael Levi of Cardiff University re-inforces this, stating: "Any combat strategy requires a decent map of the battlefield."
The full report can be obtained here: http://www.attorneygeneral.gov.uk/nfa/GuidetoInformation/Documents/NFA_fraud_indicator.pdf
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