Survey reveals true cost of fraud
Fraud is costing Brits an annual £16 billion, according to a new survey.
Norwich Union claims that fraud-related crime has increased by 15 per cent in the last five years and predicts this figure to grow significantly in the future.
The cost of fraud is ultimately passed onto the consumer, in terms of direct financial losses, higher insurance policies and reduced financial services.
Although 80 per cent of those polled don't believe that they have ever been victims of fraud, Norwich Union estimates that it costs the average household £650 a year or £340 per adult.
Chris Hill, Head of Fraud said: 'Many people believe that fraud is a victimless crime but major insurance fraud scams are becoming more common with members of the public and emergency services unwittingly being involved.
'From staged car-crashes with innocent drivers to arson attacks on businesses and homes, innocent lives are being put in danger because of fraud.'
Consumers are advised to take extra care with their credit card details, to shred financially sensitive information and never to give away personal details when they don't know who is asking for them. | 
