According to PKF Littlejohn’s Annual Fraud Indicator, the fraud amounts to £144bn in the private sector, £37.5bn in the public sector, £10bn affecting individuals and £1.83 bn being taken out of charities.
The biggest loss was due to procurement fraud, the report said; which accounted for £127bn a year. This included false invoicing and the awarding of contracts in exchange for bribes. Insurance sector fraud cost £1.3bn a year, with tax fraud estimated at £15.4bn every year.
Last month a report from Ernst Young revealed that, in many cases, companies were failing to introduce anti-corruption programmes.