[London, 21-06-2023] Between 2018 and 2020, a government survey found that 20 per cent of UK companies experienced fraud. However, most companies did not report the fraud to the police. The Home Office report analysed incidents of fraud across seven business sectors, representing one in five industries, over the three years.

Average Cost
The Home Office reported that during three years, there were approximately 3,917 incidents of fraud per 1,000 businesses across all sectors. The number of fraudulent incidents per company varied from one to 5,000 for a wholesale and retail group. On average, the cost per business affected was around £16,000. The high incidence rate suggests that fraudsters repeatedly targeted many businesses.

Less Knowledge About Fraud Against Businesses
The Home Office surveyed companies because there is not enough information about the extent of fraud against businesses. Many financial crimes remain unreported. The survey was conducted in 2020 but wasn't published until last Wednesday, which coincided with the release of a new fraud strategy by the Home Office.

Billions in Losses
Private companies and academics created a report called the "Annual Fraud Indicator" in 2017. The UK is estimated to lose up to £190bn each year from fraud. The private sector loses around £140bn due to procurement and payroll fraud. The Home Office claimed that it is dedicated to preventing scams and is collaborating with other government, law enforcement, and industry organizations to safeguard the public and businesses from fraud.

Not a Sample-Based Survey
According to insiders familiar with the research, it should be noted that the survey was not based on a sample, which means that it cannot be used to calculate the national cost of fraud incurred by businesses. However, they mentioned that a comprehensive survey will take place over the next year and cover all sectors.

Phone or Online
On Thursday, trade body UK Finance released research revealing that practically all authorized push payment fraud originates online or through phone contact. This type of fraud entails victims being deceived into sending money to accounts with falsely represented ownership. However, before the publication of the fraud strategy, proposals that would have mandated compensation for victims from Big Tech and telecom companies were severely reduced due to worries within the government about the potential impact on these sectors.

About the National Private Investigators
The NPI team comprises skilled professionals who offer private investigation services such as surveillance, lie detector tests, and investigation services to households and corporations in London and the UK. They are also able to investigate cases of insurance fraud. NPI is proud of its team of ex-forces surveillance operatives who know how to conduct investigations covertly and discreetly.

For more details, visit https://nationalprivateinvestigators.co.uk.