Fraud makes up bulk of UK bank op risk loss events

Fraud was the highest-volume operational risk event suffered by large UK banks in 2017, though the cost of execution, delivery and process management failures was more burdensome.

Internal and external incidences of fraud accounted for 64% of all operational risk events at Barclays, Royal Bank of Scotland, Lloyds and Santander UK on average. However, these events made up just 14% of total losses in value.

RBS recorded the highest volume of fraud events, which made up 83% of its total, and San

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