The financial cost of fraud 2021
The latest data from around the world
The financial cost of fraud report 2021, in collaboration with the Centre for Counter Fraud Studies at the University of Portsmouth, draws on more than 20 years’ extensive research across a range of industries, organisations and countries, to reveal the true scale of this problem.
These sums are stark, but may be hard to grasp. In the UK alone, the amount lost to fraud outweighs the wealth of Jeff Bezos, while the amount lost to fraud globally represents more than twice the UK’s entire GDP.
Too many organisations adopt a reactive approach to fraud, seeking only to tackle it once losses have already occurred. That’s an antiquated viewpoint and a change of perspective is needed.
Fraud is costing businesses and individuals in the UK £137 billion each year
For many organisations, fraud is a problem that can be tackled. The report reveals that losses can be, and have been, reduced by up to 40% within 12 months. It is estimated that, were organisations in the UK to correctly measure and introduce measures to reduce fraud, savings of up to £55 billion could be made annually. This sum is greater than what the UK government has spent on defence in 2019-20.
Read the full report for more on:
- what the current cost of fraud is
- data from around the world
- types of income and expenditure and the nature of the figures
- fraud and error losses
- the position since COVID-19
- our conclusions and recommendations.
