News

Gambling related fraud now equates to 12.5% of all fraud

By April 1, 2016 No Comments

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

 

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