The survey shows that the amount lost due to faud in the public sector represents a relatively small percentage when taken in context of the sectors overall turnover. For example, within this figure tax fraud, the highest single area of fraud loss, estimated at GBP 15.2 billion, represents approximately 3 percent of total tax liabilities. At the DWP, fraud loss is estimated at GBP 1.1 billion, which is 0.8 percent of total benefit expenditure.
In the private sector, the report shows that the financial services industry recorded the highest loss to fraudsters, estimated to be GBP 3.8 billion, with GBP 1 billion in mortgage fraud and over GBP 2 billion lost in insurance fraud, with fraud in plastic cards, online banking and cheques comprising most of the remainder.
The consumer goods and manufacturing industry are estimated to have lost GBP 1.3 billion and GBP 1 billion respectively. The technology, media and telecommunications industry had losses of GBP 948 million. Credit and debit card fraud is estimated to be 0.1 per cent of total transactions.
Consumers are also becoming more willing to report fraud, and in mass-marketing frauds, such as share sale fraud and lottery and loan scams, losses were found to amount to GBP 3.5 billion.
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