08 February 2018
Since 2003, BDO has been tracking reported fraud cases valued at over £50,000 in the UK. Each year we analyse the nature of reported fraud from a variety of open news and reporting sources.
When FraudTrack first began, we looked into the evolving technologies that made fraud a more regular occurrence, both in the news and in our day-to-day lives. We also predicted that as economic conditions tightened, and organisations increased control and actively searched for irregularities, that more fraud would be discovered – stories of fraud dominating the headlines were simply due to the big money, scandalous cases. In reality, today fraud seems to be growing at a magnitude that is beyond what we can effectively control and manage.
15 years of FraudTrack
Our 2018 report, 15 years of FraudTrack, looks at trends in the data - where are the regional hotspots for fraud this year, and what does that mean for the UK as a whole? Why are some sector groups, such as retail and financial services, seemingly easy targets?
Our headline findings:
- The total value of fraud in the UK has risen 538% to £2.11bn in the last 15 years and is up 6.5% from £1.99bn in 2016
- The three most common types of fraud in 2017 were employee fraud, tax fraud, and money laundering
- After London and the South East, the Midlands experienced the highest levels of fraud
- Fraud in the financial services sector increased dramatically in 2017 rising 318% to just under £900m
- We witnessed other dramatic increases in the public administration, charity, and retail sectors.
Our 2003 predictions were correct – fraud happens, and the keys to challenging it and being vigilant against it are down to us as individuals and today, there are more resources than ever available in the fight against fraud.
To request your own hard copy of FraudTrack 2018, please contact us.