Fraud costs UK over £38bn each year, according to NFA report

The estimates were revealed as the NFA published its second Annual Fraud Indicator, stating that fraud in the public sector cost £21bn a year, and that the private sector lost £12bn annually to fraud. Individuals and charities were thought to lose £4bn and £1.3bn per year respectively.

The news follows the Association of British Insurers report last year which revealed that insurance fraud adds an extra £44 to the average UK household's annual insurance bill.

Commenting on the findings, Steve