Fraud cost UK £30 billion last year, says study

The annual cost to the UK from fraud has reached £30 billion, according to a report released this week by the country’s National Fraud Authority (NFA). The government agency’s figure includes the full range of frauds committed against businesses, consumers and the government.

The financial services industry suffered the highest loss of all business sectors, with a fraud loss estimated at £3.8 billion; including £1 billion of mortgage fraud and more than £2 billion of fraudulent insurance claims.

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