Fraud costs the UK up to £193bn per year

The annual cost of fraud in the UK could be as high as £193bn a year, far higher than a government estimate of £50bn, according to a new report.

The latest Annual Fraud Indicator, based on research from Portsmouth university, has estimated that private sector losses could be as high as £144bn a year — much larger than the public sector figure of £37.5bn. It also counted the cost of fraud against individuals.