Criminals targeting
online banking, cheques and
credit cards, as well as scammers and insurance cheats, cost the UK an estimated £30 billion per year. According to the National Fraud Authority (NFA), that's the equivalent of £621 per adult across the nation.
Its analysis - based mostly on 2008 data - suggests that tax fraud causes some of the highest losses, estimated at £15.2 billion, while 58 per cent of fraud - at a cost of £17 billion - occurs in the public sector.
Consumers have also been tricked out of around £3.5 billion per year in share, lottery and loan scams.
Referring to previous estimates by senior police officers that the cost of fraud in the UK was around the £13 billion mark, NFA chief executive Bernard Herdan pointed out that the new information is based on figures not used in fraud studies before.
"With this vital information, we can develop clearer priorities to prevent, detect and deter fraudsters. We will use the data to help identify those areas of fraud that cause the most harm to the UK economy," he added.
Greater consumer care is now being advised with regard to
online banking, internet purchases and
credit card protection.
