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18 September 2013
Issue: 7576 / Categories: Legal News
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Fraud costs

Cost of fraud almost 5.5% of GDP

The global average cost of fraud has risen by nearly 20% to £2.91trn since the start of the recession and now stands at almost 5.5% of GDP, according to accountants BDO LLP’s detailed report, Financial Cost of Fraud Report 2013, which is based on 15 years of data. The UK loses £85.3bn to fraud each year, the report found. However, by using proven counter fraud action measures, the UK could save £34bn each year. For example, anti-fraud measures reduced losses in the NHS by up to 40% within 12 months, while the US Department of Agriculture reduced its losses across an $8bn programme by more than 22%. Jim Gee, director of counter fraud services, BDO LLP, said: “Assessing the true cost of fraud, as opposed to the cost of reported fraud, presents some very scary numbers. Putting in place pre-emptive measures could make very significant improvements to the financial health and stability of UK plc.”

Issue: 7576 / Categories: Legal News
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MOVERS & SHAKERS

Jurit LLP—Caroline Williams

Jurit LLP—Caroline Williams

Private wealth and tax team welcomes cross-border specialist as consultant

Freeths—Michelle Kirkland Elias

Freeths—Michelle Kirkland Elias

International hospitality and leisure specialist joins corporate team as partner

Flint Bishop—Deborah Niven

Flint Bishop—Deborah Niven

Firm appoints head of intellectual property to drive northern growth

NEWS
Talk of a reserved ‘Welsh seat’ on the Supreme Court is misplaced. In NLJ this week, Professor Graham Zellick KC explains that the Constitutional Reform Act treats ‘England and Wales’ as one jurisdiction, with no statutory Welsh slot
The government’s plan to curb jury trials has sparked ‘jury furore’. Writing in NLJ this week, David Locke, partner at Hill Dickinson, says the rationale is ‘grossly inadequate’
A year after the $1.5bn Bybit heist, crypto fraud is booming—but so is recovery. Writing in NLJ this week, Neil Holloway, founder and CEO of M2 Recovery, warns that scams hit at least $14bn in 2025, fuelled by ‘pig butchering’ cons and AI deepfakes
After Woodcock confirmed no general duty to warn, debate turns to the criminal law. Writing in NLJ this week, Charles Davey of The Barrister Group urges revival of misprision or a modern equivalent
Family courts are tightening control of expert evidence. Writing in NLJ this week, Dr Chris Pamplin says there is ‘no automatic right’ to call experts; attendance must be ‘necessary in the interests of justice’ under FPR Pt 25
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