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It is estimated that fraud cost £13.9 billion in 2005, increasing to £20 billion with the inclusion of income tax and EU fraud. This amounts to £330 per year for every man, woman and child in the United Kingdom. (ACPO, 2007) |
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Almost half (48%) of UK companies in PWC's Global Economic Crime Survey 2007 reported being a victim of fraud. The average direct cost of economic crime was £1.75 million plus management costs. (PricewaterhouseCoopers, October 2007) |
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Almost 200 fraud cases worth over £1bn came to court during 2007. Organised criminals account for the majority of fraud by value. (KPMG, February 2008) |
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65,043 cases of impersonation were identified by members of CIFAS - the UK's Fraud Prevention Service in 2007. This was down by 3.5% from 2006. The number of attempted identity frauds was also down from 80,377 in 2006 to 77,593 in 2007. However, cases of facility/account takeover (where a fraudster impersonates a victim in order to take control of their existing accounts) increased by 34% in 2007. (CIFAS, January 2008) |
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Corporate identity fraud is estimated to cost in excess of £50 million a year. (Metropolitan Police Service, May 2005) |
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The latest FraudTrack research found that reported from cost UK businesses over £705m in the first six months of 2008. Fraud in the finance and insurance sector cost more than £636m. (BDO, June 2008) |
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