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.”
