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FRAUD COSTS THE UK £190 BILLION A YEAR

22 November 2017

Fraud has become the most common criminal offence in the UK, with it costing £190 billion a year.

According to research by Experian, £140 billion of this results from fraud in the private sector, while the public sector loses £40.3 billion and charities are cheated out of £2.3 billion.

The rise of outsourcing is thought to be a major factor in the rise of fraudulent activity, with numerous stages of the procurement process vulnerable to abuse. The advance of technology is also thought to have provided criminals with new ways of defrauding people and organisations.

But Aziz Rahman, founder of Rahman Ravelli, believes that companies and organisations have to look at their inner workings rather than outside factors if they are to tackle fraud.

He said: “This research makes clear what many of us already knew – that fraud is a huge problem. It may be the case that factors such as technological developments or the procurement process present new or more opportunities to those looking to commit fraud.

“But such problems can be tackled by anyone in business who is serious about preventing fraud in their organisation.

“With the right legal help, any company or organisation can carefully and thoroughly assess all aspects of their work and identify those areas that are the most vulnerable to fraud. The challenge then is to revise workplace practices to both design out that potential for fraud and make it easier for suspicions of illegal behaviour to be identified or reported.

“This has always been the case in business. And it always will be. Fraud can be prevented if the right measures are put in place.’’

Read our article: TACKLING BUSINESS CRIME IN YOUR WORKPLACE