FACTS ON FRAUD
Fraud is defined as a criminal deception committed by a person who acts in a false and deceitful way.
Fraud costs the UK a minimum £14 billion a year.
The Government has allocated £29 million over three years to implement the recommendations from the National Fraud Review.
The Fraud Review recommended the creation of a National Fraud Strategic Authority, which starts operating in October 2008. This overarching body will draw together for the first time a multi-public/private industry team to identify National Fraud trends, to drive enforcement and prevention.
Fraud comes in many guises: Mortgage fraud, internet fraud, long firm fraud, identity fraud, benefit fraud, insider fraud, electoral fraud, carousel fraud credit card fraud and expenses fraud to name but a few.
Many frauds involve a collusive employee. Known as “insiders”, these employees can be working as part of a larger, organised crime group obtaining personal details from various sources.
A survey by the UK's Fraud Prevention Service - CIFAS found that the largest organisations are dismissing over 100 staff a year each for employee fraud.
In 2004, CIFAS estimated that total losses to insider frauds exceeded £40 million but could be much higher.
In a 2003 survey by Leicester University, 70% of the 2,000 people questioned said they would commit a fraud if they knew they would get away with it.
For more information on business fraud, click here
Are you affected by any of the issues in the show? What should you do if you suspect a colleague?
