Fraud costs UK over £38bn each year, according to NFA report
The National Fraud Authority (NFA) has reported that fraud costs the UK over £38bn a year with insurance fraud accounting for £2.1bn.
The estimates were revealed as the NFA published its second Annual Fraud Indicator, stating that fraud in the public sector cost £21bn a year, and that the private sector lost £12bn annually to fraud. Individuals and charities were thought to lose £4bn and £1.3bn per year respectively.
The news follows the Association of British Insurers report last year which revealed that insurance fraud adds an extra £44 to the average UK household's annual insurance bill.
Commenting on the findings, Steve
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