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UK fraud losses hit £38.4bn, says NFA

Jan 27 2011 Martin Coyle, Compliance Complete

UK fraud losses jumped to around £38.4bn last year, a rise of around £8bn, according to figures released by the National Fraud Authority. The NFA estimated that financial services industry losses accounted for 10 per cent of that total, while fraud overall cost every adult member of the country £765 a year. The NFA's second annual fraud indicator suggested that although the overall fraud figure had jumped since last year's inaugural survey, better recording of the crime could be responsible for the rise. The survey did identify some fraud trends, however. The NFA said that insurance and mortgage fraud accounted for 80 per cent of the losses suffered by the financial services industry. Corporate fraud, which was defined as fraud committed against large businesses by managers, employees and third parties amounted to £11.2bn, the NFA said. Examples of this type of crime included internal financial fraud, fraud mismanagement, or regulatory and compliance breaches. The Association of British

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