2017 saw another increase in the total value of fraud committed in the UK, with the amount rising by 6.5% compared to 2016 to reach £2.11bn.
Over the past 15 years, total values have risen by 538%, and the volume of fraud has also increased by 172% to 577 cases, compared to 212 cases in 2003.
These are the findings of new analysis by accountancy and business advisory firm BDO, which examined reported fraud cases over £50,000 in the UK. It also found that the pace of growth in the value of fraud has slowed, with the latest annual increase of 6.5% down significantly on the previous year’s increase of 31.5%.
In the last year, the financial services sector has witnessed the largest increase as the total number of cases rocketed by 72.4% and the value of fraud has risen by 318.8% to £899.7m. Another dramatic increase in 2017 occurred in the charity sector, with the value of fraud rising over 300% to £8.5m, up from £2.1m in 2016, as the number of reported cases almost doubled.
In contrast, public administration fraud saw a 73.2% drop in value to £368.5m from £1.37 billion in 2016. This was due in large part, however, to the absence of a single £1bn VAT ‘carousel fraud’ case that occurred in 2016.
The greatest increases over the past 15 years occurred in real estate, rental and leasing fraud, with the total value shooting up to £276.5m from £1.08m, and retail trade fraud, which has grown from £15.5m to £337.3m.
If you have been charged with fraud offences, or other criminal charges, then contact our specialist criminal defence lawyers today.