Increase in fraud crime says NU report

Fraud now costs the UK £16bn a year, according to a report by Norwich Union (NU). The insurer claimed that fraudulent crime had increased by 15% in the last five years - and predicted a further rise in the next five. It calculated that fraud costs the average household £650 a year or £340 per adult. Approximately 80% of respondents to the survey thought they had never been a victim of fraud NU also estimated that over £11bn was lost by the public sector in 2004 due to various fraud activities.