Magazine article Public Finance

Public Bodies 'Losing £27Bn a Year to Fraud'

Magazine article Public Finance

Public Bodies 'Losing £27Bn a Year to Fraud'

Article excerpt

The UK public sector is being cheated out of an estimated £27bn a year, and must tackle the problem to safeguard jobs and services, a leading fraud expert has said.

Jim Gee, director of counter- fraud services at consultancy Macintyre Hudson, said scams were the 'least great unreduced business cost', highlighting complex systems such as benefit payments and decentralised procurement as areas of risk for the public sector.

The former NHS counter- fraud chief published The financial cost of fraud on Novembei 18. The report drew from rigorous assessments of the cost of fraud in public and private bodies from around the world and concluded that, on average, 4.57% of an organisation's total spend is lost to such crimes.

Gee argued that fraud losses were measurable costs and organisations need to carry out strict assessments to find out how much they are losing. …

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