GBP1bn Mortgage Fraud Per Year
Published / Last Updated on 29/03/2012
£1bn Mortgage Fraud Per Year.
It is estimated that the mortgage industry will lose £1bn to fraud in 2012, according to the National Fraud Authority (NFA). Despite challenging conditions, the mortgage industry still loans approximately £12bn each month, making it an attractive target for fraudsters.
The NFA also revealed that there has been a significant increase in organised insurance fraud, estimated to be £2.1bn a year.
According to Stephen Harrison, chief executive of the National Fraud Authority, this year's Annual Fraud Indicator has put the loss to the UK economy from fraud at £73 billion.