Fraud is costing firms, says new uni research

From left, Bryn Bashford, Portsmouth City Council fire safety advisor, Jasmin Myhill from Scottish and Southern Electricity Networks, special constable Kim Braddock and watch manager Stuart Damen, fire safety inspector.

Picture: Sarah Standing

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BUSINESSES and organisations in the UK are losing an estimated £98.6 billion to fraud and mistakes every year, according to research from the University of Portsmouth.

The centre for Counter Fraud Studies and accountancy firm PKF Littlejohn produced a report called The Financial Cost of Fraud 2015.

It reveals that self-interest is to blame for an 18 per cent fraud increase in 2012-13 compared to 2010-11.

Professor Mark Button, co-author of the report, said: ‘The key questions for any organisation are how much does fraud cost us?

‘And how well are we protected against it?

‘Unless you know the nature and scale of your fraud problem and whether you are properly protected against it, how can you act proportionately?’

The research looked at 40 different types of expenditure in 46 organisations from nine countries from Europe, North America and Australasia.

Co-author Jim Gee, head of forensic and counter fraud fervices for PKF Littlejohn, added: ‘In these current economic times, it will take a brave chief executive or director of finance of any organisation who turns a blind eye to these findings.’