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Stephen Harrison, National Fraud Authority Chief Executive:
"This year’s Annual Fraud Indicator has put the loss to the UK economy from fraud at £73 billion. This level of loss impacts every part of society, including the most vulnerable. It represents money that individuals, businesses and Government can ill afford to lose ending up in fraudsters’ pockets."This new estimate is significantly higher than previous attempts to quantify the scale of the problem, due to the improvement in the quality and quantity of data available to produce an estimate of fraud loss. It does not, however, represent an increase in the level of fraud. Rather the estimate is a step change in the scope of the Annual Fraud Indicator (AFI) in comparison to previous publications. Driven by the vision to draw a more comprehensive picture of the scale of loss, the National Fraud Authority (NFA) has revised its research to include previously undetected fraud losses across the economy. The result is a significantly higher estimate of annual loss."