The Financial Cost of Fraud 2019
The latest data from around the world
The Financial Cost of Fraud 2019 renews research first undertaken in 2009 and collates accurate, statistically valid information from around the world about the real financial cost of fraud and error.
The report has been developed in conjunction with the Centre for Counter Fraud Studies at the University of Portsmouth. It reveals that fraud is costing the global economy £3.89 trillion, with losses rising by 56% in the past decade.
The figures quoted in the 2019 report are stark. In the 10 years since the first Financial Cost of Fraud report was published, the UK and global economy has suffered rising losses each year, owing to a multitude of new and diverse threats. Losses in 2018 averaged 7.15% of expenditure, compared to 4.06% in 2007.
What can we do about it?
Once the extent of fraud losses is known then they can be treated like any other business cost – as something to be managed and minimised in the best interest of the financial health and stability of the organisation concerned.
Read the full report for more on:
- fraud data from around the world
- types of income and expenditure and the nature of the figures
- fraud and error losses
- our conclusion and recommendations.
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