Press Room.
Media Comment: Grant Thornton's Paul Huck Comments On The
National Fraud Authority's (NFA) Finding That Fraud Costs The UK
£30bn a Year
"Although today's findings represent a large increase on recent
studies of fraud in the UK, our experience in forensic fraud
investigations suggest that the figures are of no real surprise.
Fraud is pervasive and its effects are being felt throughout the
whole economy" says Paul Huck, Associate Director at Grant
Thornton's Forensic and Investigation Services.
"Of particular interest is the high cost of fraud to the public
sector which includes tax fraud. In an economic climate where
spending cuts and tax rises are inevitable, more needs to be done
urgently to clamp down on fraud, to improve the state of the public
purse”.
For any organisation, fraud and corruption, price fixing and
cartel operations have a massive impact on its viability,
irrespective of whether it is the victim or the perpetrator. Given
its pervasive and systemic nature, the only way to protect an
organisation, and comply with necessary regulation, is to fully
understand its vulnerabilities, understand its risk appetite and
instil an organisational culture of protection, with prevention
being the most cost -effective measure."
ENDS
For further information, please contact: Suvra Datta, Grant
Thornton press office, 020 7728 2375 or via email on
suvra.datta@gtuk.com