Fraud costing UK businesses £40bn
Fraud is costing businesses in the UK up to £40bn a year, according to new research by RSM Robson Rhodes.
The chartered accountants estimated that UK fraud losses add up to £32bn over the year, with another £8bn a year spent on prevention measures.
The survey of 24 FTSE 100 companies and seven of the largest private companies found that 59% of respondents expected economic crime to increase during the next three years.
Larger companies face the biggest risk of fraud, with some reporting losses equal to 5% of turnover, The Times reported.