"The annual cost of fraud in the UK has been estimated at £193bn - equal to nearly £3,000 per head of population - according to a new report."
A scary figure, especially when this is likely to be grossly underestimated with unidentified/unreported fraud.
Be vigilant. Conduct cold checks on your familiar transactions and accounts to ensure everything is as it should be. If in doubt, follow it up. Make sure you've got appropriate counter-fraud measures in place
Image copyrightTHINKSTOCK Business fraud accounted for £144bn, the study said, while fraud against individuals was estimated at £9.7bn. ... According to the Annual Fraud Indicator 2016, the biggest loss was due to procurement fraud - estimated at £127bn a year - which included the submission of false invoices and the awarding of contracts in exchange for bribes. The fraudulent cost to charities was estimated at £2bn per year, while mortgage lending losses were put at £1.3bn a year. Insurance sector fraud cost £1.3bn a year, tax fraud was estimated at £15.4bn every year, while fraud losses in the NHS were £2.5bn. The largest fraud carried out against individuals was identity fraud, estimated at £5.4bn a year from about 3.25 million victims.