Fraud costs UK £190 billion per annum, data suggests

14 Nov 2017

Data published by credit service agency Experian has suggested that fraudulent activity now costs the UK £190 billion per year.

The Annual Fraud Indicator 2017 found that fraud in the public sector costs the UK an estimated £40.3 billion, whilst fraud in the private sector costs the UK economy £140 billion.

Charities lost £2.3 billion as a result of fraud in 2017, while individuals have been duped out of £6.8 billion. The data revealed that fraud is currently the UK’s most common criminal offence.

Experian warned that technology ‘continues to open up new avenues for fraudulent activity’. Criminals’ behavioural patterns are also changing in response to the rise in popularity of online banking, the research revealed.

Nick Mothershaw, Director of Fraud and Identity Solutions at Experian, commented: ‘Awareness of the dangers fraud poses is growing, but the total of £190 billion is startlingly high. Plastic card and online banking fraud continues to increase, so new regulations which make it harder for fraudsters to use someone’s cards online are a necessary step.

‘Fraudsters are shamelessly opportunistic and are now turning their attention to the pensions release, lured by the promise of high value returns when their scams are successful.’

Home | Contact us | Accessibility | Disclaimer | GDPR (including Standard Terms of Business) | Help | Site map |

© 2018 BPU Accountants. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


BPU Chartered Accountants is the trading name of BPU Ltd Company number 3723948 registered in Wales. Registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

BPU Financial Solutions Ltd is an Appointed Representative of ValidPath Limited which is authorised and regulated by the Financial Conduct Authority. ValidPath Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference 197107.

BPU Accountants, Radnor House, Greenwood Close, Cardiff Gate Business Park, Cardiff CF23 8AA
BPU Accountants, The Counting House, Pound Field, Llantwit Major, Vale of Glamorgan CF61 1DL