By Daniel Hunter

Fraudsters are costing the UK an estimated £73 billion a year, the National Fraud Authority (NFA) have announced.

Hitesh Patel, KPMG Forensic Partner, said that the latest figure from the index was concerning.

“Each year’s Annual Fraud Indicator offers a more comprehensive view of fraud loss in the UK and, in line with our own Fraud Barometer findings, today’s figure is a cause for concern," he said.

"It highlights the extent of the threat and indicates defined pockets of fraudulent activity within the private sector.

“From our own research, this activity is, in part, reflected by the significant increase in management fraud witnessed last year. Senior management operate in a privileged position of trust and authority that is placed in them, with an increasing number now committing fraudulent offences by virtue of the ease with which they are able to override internal controls and avoid scrutiny.

"This, and the increased sophistication and creativity of fraudsters generally, makes the case for a strong collective strategy to prevent and detect fraud at a wider level.”

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