Skip to content
City PM
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
  • DE
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
  • DE
Monday 15 February 2016 7:18 pm

Reported fraud in the UK more than doubled from £720m to £1.5bn last year, with financial services and London particularly badly hit

By: Hayley Kirton

Add as a preferred source on Google

The value of fraud in the UK more than doubled in 2015, although the total number of incidences fell, a report out today has discovered.

The study by professional services firm BDO revealed that the value of reported fraud last year was £1.5bn, up 110 per cent from £720m the year before and the highest it has been since 2011.

However, the total number of reported cases of fraud dropped by 5.2 per cent from 546 in 2014 to 519 in 2015.

The financial services sector attracted an increasing amount of high value frauds, with the total value jumping from £238m in 2014 to £567m in 2015 while the number of incidences fell by 40 per cent from 119 to 70.

The situation could be more dire than the statistics suggest, thanks to the level of fraud in the industry that goes unreported.

Read more: Fraudsters are targeting lonely singles on Valentine's Day

"Increasingly we are seeing high value complex fraud being dealt with outside of the judicial system as companies prefer to deal with these situations behind closed doors to avoid the reputational damage to their businesses," said Kaley Crossthwaite, partner and head of fraud at BDO. "Our experience would suggest that both volume and value in real terms continue to rise despite efforts by companies in the sector to strengthen their processes."

London and the south east continue to be key areas for fraud activity, with the £600m worth of fraud that took place in the region in 2015 accounting for 40 per cent of fraud overall. 

"As the financial capital of the UK, London has long been a hotbed for fraud and the 2015 data shows no sign of this abating," remarked Crossthwaite.

[infographic id="575"]

However, the increase in the value of fraud was far more pronounced in the Midlands, where it increased by more than 11 times from £33m in 2014 to £385m in 2015.

Crossthwaite added that the firm was also seeing an alarming number of incidences committed by people positions of power.

"Unfortunately most fraud is committed by people in trusted positions which can make it difficult to pick up but leads to a great sense of betrayal when it inevitably does," Crossthwaite said "We see so many instances of company or charity accountants, directors, senior employees, bank employees and secretaries defrauding their employers, customers or counterparts, often after many years of loyal service and usually to fund gambling habits or lavish lifestyles."

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • Markets & Economics
  • News

Categories

  • Business
  • Economics

Trending Articles

  • Exclusive: Big Four giant KPMG to cut more jobs

  • Music tycoon Simon Cowell sued by prominent City lawyer

  • The former African gold miner taking on the billionaire Issa brothers

  • Tesco ‘in talks’ to exit eastern Europe

  • Easyjet agrees to £5.7bn Apollo takeover

More from City PM

  • Fraud losses surge as scammers use AI to manipulate victims

    Personal Finance
    Executives argue the measures threaten firms’ business models, particularly smaller fintechs more relatively exposed to fraud and with less capital to cover mandatory reimbursement. (Photo by Artur Widak/NurPhoto via Getty Images)
  • Government aid ‘worth £28bn’ handed to terrorists, criminals and hostile states

    Politics
    Whitehall and Westminster
  • Incode Acquires Identiq to Expand Its Privacy-First Architecture for Identity and Fraud Prevention

    Business Wire
  • Natwest hit with £250m lawsuit tied to Thurrock Council scandal

    Banking
    NatWest bank branch exterior with signage, reflecting current branch network changes amidst financial industry updates
  • Retailers Lose £29 Million to Returns Fraud Across 1 Million Orders, as New ReBound Data Reveals Industry “Blind Spot”

    Business Wire
  • City launches new Digital ID framework against AI fraud

    Tech
    The City PM Awards
  • German FA HQ raided by police in bribery probe days after shock World Cup exit

    Sport Business
    Getty Images logo on a digital screen with a blurred background, representing stock photography and visual media services.
  • Balfour Beatty emerges from US oversight scheme after fraud against military

    Transport & Infrastructure
    Balfour Beatty construction site showcasing cranes, workers, and building progress against a city skyline backdrop

City PM — European politics, business and analysis.

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Topics

  • Business
  • Markets
  • AI
  • Technology
  • Opinion
  • Energy

More

  • Politics
  • Economics
  • Fintech
  • Legal
  • Sport
  • Life

Company

  • About City PM
  • Editorial Policy
  • Corrections
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2026 City PM · Published by CityPM Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
About · Editorial Policy · Corrections · Contact · Privacy · Facebook