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Every UK household subsidises fraudsters annually by an estimated £1800
Fraud is the largest cause of revenue
loss for financial services companies
 
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UK research into Fraud reveals that:

  • At least 10% of general insurance claims are fraudulent 1
     
  • Some 48% of people would not rule out making a fraudulent claim and 37% would not rule out actually making up a totally false claim 2
     
  • Of around 450,000 vehicles stolen in UK every year, over 40% are never recovered 3
     
  • The Home Office estimates that 1 in 5 cars were reported stolen but really were disposed of in some other way to facilitate an insurance fraud 4
     
  • A fraudulent debit/credit card transaction takes place every 7 seconds 5
     
  • In October 2005, some 2.8 million people were entitled to incapacity benefit but only 700,000 were entitled to the equivalent 25 years ago – despite improvements to health, health and safety and general working conditions 6
     
1 ABI (2005) www.abi.org.uk
2 ABI (2003) Facts on Fraud, Feb, issue1
3 Metropolitan Police (2005) www.met.police.uk
4 Home Office (2005) www.homeoffice.gov.uk
5 DCPCU (2005) www.dcpcu.org.uk
6 New Scotsman (2005) New technology & greater scrutiny to feature in anti-fraud strategy , 11 th Nov.