Fraud costing the UK economy £193bn a year, more than £6,000 lost per second every day of the year
PKF Littlejohn working with the UK Fraud Costs Measurement Committee and Experian PLC are pleased to present our 2016 estimate of the cost of fraud to UK Plc. This is important because it is the cost of fraud that undermines the financial health and stability of private companies, that stops public sector organisations providing the quality of public services for which we pay our taxes and which denies charities the full value of the donations which we make.
To download the full report click here
After many years of research we now know that fraud isn’t just a series of low volume, high value incidents which, if you are lucky, you can avoid, and which, if you are not, you react to after losses have been discovered. We now know that it is a mostly high volume, low value phenomenon which is present in any organisation of any size as an ongoing business cost, and which is best pre-empted by raising levels of fraud resilience (a measure of protection against fraud).
The publication of this report makes the true nature and scale of the problem much clearer, something which will develop further with future annual reports, and as measurement of the nature and scale of the problem is undertaken more and more widely. It is obvious that the more you know about a problem, the better you can design an effective solution. In that way, this report makes an important contribution to the success of counter fraud work.
How we can help
As this research shows, we can now consider where the weaknesses are which allow fraud to take place, and take pre-emptive action to minimise losses. PKF Littlejohn's Forensic and Fraud Services team specialises in helping clients to better protect themselves against fraud so that the cost of fraud is reduced. Click here to find out how we can help you.