Fraud is now the most common type of crime in England and Wales, almost equalling the combined total of all other offences

 

According to a report published by the University of Portsmouth’s Centre for Counter Fraud Studies and the accountancy firm, PKF Littlejohn*, UK businesses and organisations are losing an estimated £98.6 billion to fraud and mistakes every year. The report, also revealed that self-interest is to blame for an 18 per cent fraud increase in 2012-13 compared to 2010-11, with £2.8 trillion lost globally to fraud and mistakes.

Commenting on the report, Professor Mark Button, co-author of the report and Director of the Centre for Counter Fraud Studies, said: “The key questions for any organisation are how much does fraud cost us? And how well are we protected against it? Our research starts to provide answers to these questions. Unless you know the nature and scale of your fraud problem and whether you are properly protected against it, how can you act proportionately?”

The Office for National Statistics, also has published a crime report showing the true scale of the problem of fraud in the UK. In the year to the end of March** there were almost 3.8 million incidents of fraud recorded by the Crime Survey for England and Wales, making fraud the number one type of fraud in the UK.

Businesses who are targeted by fraudsters lose billions of pounds a year, which in turn is passed onto innocent consumers with higher prices. Fraud can also have serious ramifications, not just financial. Brand reputation is also at risk if fraud can be proven to be down to internal failures where fraud could have been prevented if the correct safeguards had been in place.

LicensedTransportUncovered.com (LTU), are the UK’s leading experts in passenger transport fraud, specifically the taxi, private hire, minicab and chauffeur industry. LTU can help organisations, financial institutions, insurers and suppliers to the trade help protect themselves against becoming a victim of fraudulent or criminal activities. LTU, provides clients with a team of experts led by a former intelligence officer, supported by a team of experts who have a combined experience of several decades.

 

The passenger transport industry is a target for organised crime, fraudsters and criminals. Don’t be a victim, let LicensedTransportUncovered.com help educate and protect your business

 

LTU, takes a proactive approach with clients helping them to understand the risks they face and how to prevent becoming a victim through training and seminars. We appreciate that financial institutions and insurers have their own fraud units, but we believe our services helps complement and strengthen fraud detection and prevention. Our team has built up sources across the UK, who are able to support our intelligence unit and to help expose the vulnerabilities in the system which fraudsters take advantage of.

Due to the trust and respect we have gained over the years, we are able to work closely with insiders, whistleblowers and informants to obtain the internal evidence needed to enable further action to be taken either through the civil or criminal courts. We are always alert to the wider public interest when dealing with cases, especially if dangerous uninsured vehicles are being used to carry members of the public and work quickly to alert victims to prevent further risk to the wider public.

Our investigations unit is able to work closely with organisations or act independently, bringing cases to the attention of victims and the authorities. LTU unique expertise enables us to obtain results, and where necessary help disrupt fraudulent or criminal activities.  We appreciate cases can take time to investigate, but we always remain proactive with our team alerting organisations to fraud which has enabled them to act quickly to shut off funding or access to valuable assets.

LTU’s tenacity to see cases through has also resulted in criminal charges being brought against organisations and individuals. Currently, we have a number of large complex active ongoing investigations which has resulted in evidence being handed over to the relevant agencies and interested third parties.  All cases are dealt with in the strictest of confidence, taking into account the sensitivity of ongoing police or internal fraud investigations, whilst continuing to work closely with client’s existing fraud units.

 

*Updated February 2015
**Updated July 2016