Pursuits

U.K. Fraud, FCIC Results, La Caixa, Davos: Compliance

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Carla Main

January 28, 2011 at 5:01 AM UTC

Updated on

January 28, 2011 at 1:59 PM UTC

This article is for subscribers only.

The U.K. is losing about 38 billion pounds ($61 billion) a year to fraud, with the finance industry bearing the largest loss in the private sector of 3.6 billion pounds, the government said.

The financial-services industry in the U.K., which saw a 14 percent increase in online-banking fraud, is losing 1 billion pounds a year to mortgage fraud and 2.1 billion to insurance scams, the National Fraud Authority, a unit of the U.K. Attorney General’s office, said in a statement yesterday.