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News

Fraud Costs The UK Billions Of Pounds

BTG Global Risk Partners : 31 January, 2011  (Technical Article)
As fraud continues to rise in the UK, BTG Global Risk Partners comments on the impact to the country in response to the latest statistics from the National Fraud Authority
The NFA’s second annual fraud indicator shows total estimated fraud in the UK of over 38bn pounds in 2010.



This is a rise of nearly 8bn pounds or over 25% on the previous year and is roughly split between fraud of 21.2bn in the public sector, 12bn in the private sector and 4bn against individuals.



Gavin Cunningham, formerly at the Serious Fraud Office and now a Director in the specialist forensic fraud investigation, risk and intelligence firm, BTG Global Risk Partners commented: “These figures make grim reading for both private and public sector business leaders alike and reflect the significant financial impact of fraud in the UK.



“With the UK still struggling to recover from the recession and some uncertainty as to what the future may hold there is unlikely to be a reduction in fraud in the short term; historically, there is evidence that fraud increases as a recession ends, in part because businesses uncover fraudulent actions as the effects start to build up and in part because there is more scrutiny of hidden and unknown costs in tougher times.



“Now is no time for organisations to allow complacency in ensuring internal controls and fraud prevention measures remain in place , otherwise you may find yourself falling victim to fraud yourself.



“However, there may be ever greater scarcity of resource to prevent fraud both in the public sector, where many job cuts are still to come, and in the private sector which has been cutting back on internal audit staff. As such, the frequency and cost of fraud is likely to keep rising at a time when the UK can ill afford to bear additional loss.”
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