Fraud costs UK £73bn a year

The cost of fraud to the UK economy will hit £73bn a year in 2012, according to a report from a watchdog. The National Fraud Authority estimates that every UK adult will be £1,441 worse off because of fraud. Fraud in the private sector accounts for more than half the total with estimated losses of £45.5bn. The public sector will shoulder £20.3bn while individuals will be defrauded out of £6.1bn, according to the report’s findings. “From large businesses and high street retailers to pensioners in their own homes, we are all at risk of becoming victims of fraud. It is often a hidden crime but it can have devastating consequences,” said the organisation’s chief executive Stephen Harrison.