UK at risk from fraudsters

The cost of fraud

The cost of fraud

The National Fraud Authority warns of the true price of fraud.

Scams cost the UK economy £38 billion a year over half of which comes from the public sector purse. A stronger counter-fraud culture is needed in Britain says the NFA who estimate that if the total cost was broken down every adult in the country would be £765 out of pocket.

Cabinet Office minister, Francis Maude, claims the fraud and error encountered by the public sector are not simply the result of benefit and revenue cheats. He went on to explain that it effects every government department and that steps are being taken to ensure that it does not continue.

The £21 billion lost by the public sector could have been used to fund 800 secondary schools or pay the wages of 615, 000 nurses.

Fraud also impacts on the private and charitable sectors that lost over £13 billion last year.

Individual members of the public were conned out of a staggering £4 billion through scams which include email and marketing fraud, fake lotteries and fraudulent businesses.

Bernard Herdan from the National Fraud Authority is urging people to be more vigilant against fraud and to report any suspicious activity to the police. He believes this simple change in behaviour would disrupt fraud across the UK and further afield.

Is fraud taken seriously enough in Britain?

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