Unless an organisation understands the nature and cost of the fraud affecting it, how can it apply the right, proportionately resourced solution? How can it track progress in reducing the prevalence and cost of fraud? How can it understand the value derived from its investment in countering fraud?
These are important questions for individual organisations – whether they are companies, public sector organisations or charities – but also, equally importantly, they are questions for UK Plc. Unless our country is clear about the cost of fraud, how can it prioritise its response with a range of other problems also clamouring for resources?
Research shows that detected or reported examples of fraud do not represent the total cost of fraud, because much remains undetected. It is also not good enough to survey opinion about the extent of fraud because perceptions of the extent of fraud will change according to the level of publicity which it receives.
The UKFCMC provides a public service to the UK in producing these very detailed estimates. The Centre for Counter Fraud Studies has worked very hard to complete the underpinning research. I recommend the information in this report to anyone who is interested in the real extent of a problem which has been shown to cost the UK a staggering £190 billion each year.