Gambling is responsible for 12.5% of all frauds in the UK

By December 14, 2016 No Comments

This year, the BDO analysis of UK fraud shows that the total value of reported fraud in 2015 was £1.5bn, an increase of 110% from the previous year, and the highest value since 2011. The report, which examines reported fraud cases over £50,000 in the UK, finds that the total number of cases, however, fell by 5.2%, with only 519 reported cases in 2015 compared to last year’s 546 cases. The average value of fraud meanwhile has risen 121% to £2.9m with some of the largest cases brought to court reaching over £250m.

Paul Buck, CEO of EPIC, commented:
“This Fraudtrack report from BDO highlights what a growing and relevant risk problematic gambling in the workplace has become. Only two years ago gambling was the root cause of less than 1% of all reported frauds in the workplace and that figure has now grown exponentially to 12.5% and a figure of £225m.
Perhaps most concerning is that this report only covers frauds above £50,000 and it is our experience that the vast majority of gambling related frauds are below this figure with an overall average of £16,825 over the last four years. The other consideration is that this report only measures financial cost and for many organisations the real costs of a gambling related incident are reputational, brand and above all others human.
With gambling being the ‘hidden addiction’ the reality is that these figures will only be the tip of the iceberg.”

To view the full report click here

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