Fraud 'costs the UK £30bn a year'

Scams, online theft, insurance cheats and tax fraud is costing the UK £30bn a year, according to an official estimate.

The National Fraud Authority (NFA) has calculated the figure for the first time and said it equated to £621 per adult in the UK. Some 58% of fraud was in the public sector, at a cost of £17bn, it added. It said the losses were paid for through taxes and rising prices of products and services.

The highest sector was losses from tax fraud - estimated at £15.2bn - although this was only 3% of tax liabilities, consumer scams were estimated at £3.5bn, insurance fraud at £2bn and some 31% of losses came in the private sector, with the financial services sector suffering the biggest hit.

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source: BBC