Annual Fraud Indicator 2016

A new Annual Fraud Indicator (AFI) produced by the UK Fraud Costs Measurement Committee (UKFCMC), supported by Experian and PKF Littlejohn, suggests that the annual cost of fraud in the UK could be as high as £193bn per year, with losses in the public sector estimated at £37.5bn.

The figures in the revised and updated AFI dwarf previous estimates, which put the annual cost of fraud at £50bn in 2013, with losses in the public sector estimated at £21bn.

The AFI suggests that central and local government suffer from vulnerabilities in procurement but also lose more than £15bn a year to tax fraud, largely from people and organisations not declaring and under declaring income.

For more information on the AFI 2016, follow the link below.

• Annual Fraud Indicator 2016