UK fraud hits 15-year high
The value of UK fraud hit a 15-year high of £2.11bn in 2017 as more companies made it a priority to tackle wrongdoing, according to a new study.
Accountancy firm BDO examined reported fraud cases worth more than £50,000 and found that the total number rose to 577 in 2017, compared with 212 in 2003. The average amount stolen in each incident rose to £3.66m, up from £1.5m in 2003.
The biggest rise was in the financial services industry, where the total value of fraud rose to £899.7m last year, compared with £214.9m in 2016. Numbers of reported cases almost doubled to 100 last year, compared with 58 in 2016.
The report also found fraud cases on the rise in the retail sector. The number of cases rose from 16 in 2016 to 29 in 2017 and the value from £4.2m in 2016 to £337.3m last year, largely because of one big case.