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Fraud cost UK FTSE-listed companies an estimated £103.23 billion ($161 billion) in 2013–14, according to a report by PKF Littlejohn and the Centre for Counter Fraud Studies at the University of Portsmouth.
Globally, losses from fraud have increased by nearly 18% over the three years since 2010–11, and by 29% since the start of the recession in 2008–09.
The report is based on data from research covering 17 years, drawing on loss measurement exercises in various countries and more than 40 sectors. The average sum organisations lose to fraud globally is equivalent to 5.6% of expenditure. The researchers applied this finding to the 2013–14 data on the 1,709 companies listed on the London Stock Exchange to arrive at the cost of fraud to UK firms.
The original article can be found at www.cgma.org