Fraud costs UK billions every year

Fraud losses cost each UK adult £621 a year, according to the National Fraud Authority (NFA). [22 January 2010]

The total cost of fraud losses to the UK comes to £30bn a year. The NFA calculated the figure for the first time and said that these losses are paid for through taxes and the increasing cost of products and services.

Significant fraud losses

While 58% (£17bn) of fraud was in the public sector, £15.2bn were losses from tax fraud. Consumer scams lost £3.5bn, £2bn was lost to insurance fraud and £1bn to mortgage fraud. A significant 12% of all fraud was suffered by individual consumers.

Read more on the BBC News website.

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