Fraud costs financial services £3.6bn annually

This represents a slight decrease from last year's figure of £3.8bn, which the NFA says is due to better fraud prevention methods involving card and cheque fraud, which cost the sector £470m. Fraud in online banking has increased by 14% to £60m over the past year, whilst mortgage fraud costs £1bn and insurance fraud £2.1bn. Small businesses bear a heavy cost, losing £780m to fraud per year. In total, fraud costs the UK £38bn per year, of which £12bn is lost to the private sector and £21bn to the public sector. "Tackling fraud will not solely be achieved through more investigatio...