Five Million Fraud cases in a year

Following years of criticism due to fraud and cyber crime being missed from official data, the Office for National Statistics (ONS) has carried out new research which shows that the total number of crimes is double what was previously estimated.

This week figures released by the Office for National Statistics show that half of the 5.1 million frauds resulted in financial loss. The stats also show both businesses and organisations are increasingly victims of card fraud and frauds committed over the phone and online.

The BBC has stated that the Official figures are drawn from two sources:

The Crime Survey of England and Wales (CSEW) – based on how many people say they have been the victim of a crime
Police figures – based on reports of crime to police

An ONS spokesman said: “Although we estimate that there were more than seven million fraud and computer misuse incidents in the past year, this does not necessarily imply a recent rise in crime as the new measures bring into scope a large volume of offences not previously included in the Crime Survey.”

As always, prevention is best method to protect your business from corporate fraud – every business needs a plan to reduce the risk of a security breach.

Click the image below to view our PDF guide on how you can Protect your Business from Security Breaches and Fraud