Click here for the full report.
Click here for the full report.

ACPO Fraud Report 2007.

The Nature, Extent and Economic Impact of Fraud in the UK

Independent study reveals the true cost of fraud in the UK

Fraud is costing the UK economy a minimum of £13.9 billion a year, a specially commissioned report has revealed.

The findings of the report, researching the true cost of fraud, will be revealed to members of parliament this Wednesday (7 MARCH) when Mike Bowron, Commissioner of Police for the City of London & ACPO Lead for Economic Crime, together with the Attorney General, Lord Goldsmith, attend a parliamentary breakfast.

The report, commissioned by the Association of Chief Police Officers’ Economic Crime Portfolio Group, consisting of representatives from both public and private bodies, analysed key data drawn from global reports and national surveys to assess, as accurately as possible, the true economic cost of fraud in the UK.

Morgan Harris Burrows LLP compiled the report, which took a year to produce, in association with Professor Michael Levi of Cardiff University. The independent study provides a comprehensive breakdown of the various sub-sectors of fraud and conservatively estimates this to be in the region of £13.9 billion per year.

Commissioner Mike Bowron said:

“Professor Levi and his team have conservatively estimated that in 2005 fraud cost the UK £13.9 billion. But this figure excludes some major areas of criminality, such as income tax and EU fraud, where statistics are simply not available. Adding estimates for these into the mix, it is likely that fraud represents a £20 billion annual loss to the UK. To put this figure into perspective, such losses would pay for an additional 200,000 police officers or save every man, woman and child £330.00 per year.”    

He added:

“It used to be said ‘No one walks down the street in fear of being embezzled.’ Well increasingly they do. Whereas once the average Briton dreaded being burgled or having their car broken into, they are now worried about identity fraud, mass marketing scams and other forms of financial crime that have a serious impact on our lives. Long gone is the notion that fraud is a victimless crime.