Fraud costing UK businesses £40bn

Link: Fraud laws to be ‘dramatically simplified’

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.

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