Aside from the financial costs, being a victim of fraud can cause serious reputational damage for businesses. The public sector may be losing more than £40 billion and individuals around £7 billion.īusinesses and high-net-worth individuals are now also being increasingly targeted due to their larger financial transactions and the greater potential profits for fraudsters. The 2017 Annual Fraud Indicator estimates fraud losses to the UK at around £190 billion every year, with the private sector hit hardest losing around £140 billion. Victims of fraud range across vulnerable individuals, major corporations, smaller businesses, as well as the public sector. To launder the proceeds of fraud, organised crime groups often use ‘mule networks’, with bank accounts owned by witting and unwitting members of the public being used to obscure the source and nature of the funds. Much of the proceeds will be laundered within the UK or moved overseas. This means that the scale of fraud is very significant, but that under-reporting also hampers our understanding of the threat. However we think that fewer than 20 per cent of incidents of fraud are actually reported so the true figure may be much higher. The most robust figures currently available from the Crime Survey of England and Wales reveal there were 3.4 million incidents of fraud in 2016-17. By harvesting personal and financial information through data breaches, criminals are able to commit fraud and damage people, businesses and services. Personal and financial information obtained in a breach can be used to commit frauds affecting individuals, the private and public sectors alike. Data breaches continue to be a key enabler of fraud.
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