EPIC were interested to read BDO’s excellently presented Fraudtrack report recently published and in particular the reference that gambling related fraud now equates to 12.5% of all fraud in terms of motive or £225m in value. Less than 5 years ago gambling fraud was responsible for <1% of the total fraud figure.
Further headline figures are that:
- Fraud has risen 110% in the last year from £720m to £1.5 billion
- The average value of fraud has more than doubled in the last year
- Financial Services fraud increased by 138% in 2015 with gambling related fraud being by far the most significant increase.
EPIC concur entirely with BDO that being pro-active with this risk is key. We work daily with organisations who are in high risk sectors and the damage to a companies reputation, brand and finances are often severe.
The real worry is that this report will understate the real value and volume of gambing related frauds as many are under £50,000 and many more remain unreported due to the reputational risks mentioned.
The full report can be read here