New calculations reveal that fraud now costs the UK a staggering £16bn a year but Britons are still in the dark about the real cost of fraud and its true impact on society.
Norwich Union said fraudulent crime has increased by 15% in the last five years and the insurer predicts this will escalate significantly in the next five.
Although 80% of people don't believe that they have ever been a victim of fraud, NU calculated that fraud costs the average household £650 a year or £340 per adult. The company also estimated that over £11bn was lost by the public sector in 2004 due to fraud.
Chris Hill, Head of Fraud said: "As long as fraud is perceived as an ”easy crime”, we will consistently see
organised gangs of criminal fraudsters escaping prosecution and coming back for a second or third go.
"We need a moral change in national perception; fraud must become as unacceptable as any other form of theft in the eyes of the public.”
"There is an absence of a cohesive National Fraud Strategy to tackle this. To turn this around, the public and private sectors need to actively collaborate together with Government and law enforcement bodies.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
