CCR Magazine

Subscribe Here
You are here  :Home arrow News arrow New UK fraud industry body will highlight the cost of fraud in the UK
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
New UK fraud industry body will highlight the cost of fraud in the UK PDF Print E-mail
Tuesday, 07 July 2015

A new industry body has been set up to highlight the cost of fraud to UK businesses, charities and the public.

The UK Fraud Cost Measurement Committee will seek to revive and enhance the government’s previous Annual Fraud Indictor, which ceased publication in 2013.  The Committee’s new National Fraud Indicator, which will be the only one of its kind, will help organisations measure and manage the impact of fraud.  It will highlight the preventative steps that can be taken to combat fraud and ultimately help protect people across the UK.

Comprising of a group of organisations that represent sectors across the economy, the body will be led by PKF Littlejohn, an independent firm of chartered accountants and business advisors, in partnership with Experian. 

The group will use pioneering techniques of fraud loss measurement, applied by the Centre for Counter Fraud Studies at the University of Portsmouth, to create the new indicator. 

Jim Gee, Partner and Head of Forensic and Counter Fraud Services at PKF Littlejohn, said: “Unless the scale of the problem is understood then the right solution can’t be applied. By treating fraud as a business cost, like any other, it can be measured, managed and minimised – making businesses more profitable, mitigating the effect of austerity in the public sector and freeing up more resources for worthwhile purposes in the third sector. The new National Fraud indicator will help UK Plc to achieve these benefits.”

Nick Mothershaw, Director of Fraud and Identity at Experian, said: “Preventing fraud and protecting the businesses and the people most at risk is a big part of what we do as a business.  The loss of the National Fraud Indicator left a knowledge gap for UK organisations who are involved in fighting fraud, so this new committee should go some way to bridging the gap.  By putting a value on the cost of fraud we aim to change the mind-set of the public and private sectors in how they deal with future threats.”

Through extensive analysis, the industry body aims to change attitudes towards fraud so that it is no longer seen as an uncontrollable factor, but rather a business cost that can be managed and minimised. The group intends to demonstrate the extensive benefits available to public, private and third sector organisations in reducing fraud costs across the board.

In 2013, the government estimated that fraud and cyber-crime was costing the UK economy £52bn every year.  There has been no official view since then.  The new National Fraud Indicator will replace this research and give the most up to date and comprehensive view of the cost of fraud in the UK.  It is due for release in late 2015.

(Source - Experian News Release)
 

 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

CSA

subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197