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Businesses in the East of England lost £38m to fraud in 2016/17

PUBLISHED: 06:58 15 November 2017 | UPDATED: 08:29 15 November 2017

Akhlaq Ahmed, forensic partner at audit, tax and consulting firm RSM. Picture: RSM

Akhlaq Ahmed, forensic partner at audit, tax and consulting firm RSM. Picture: RSM

RSM

Businesses in the East of England reported more than £38m lost to fraud in the last year.

Norfolk accounted for £1.36m, in 453 incidents, while Suffolk firms lost £354,164 in 220 reported incidents in 2016/17.

The vast majority of the cost fell on businesses in Essex, where £29.2m of losses were reported in more than 3,400 incidents, according to figures obtained from ActionFraud by financial consultancy RSM.

Akhlaq Ahmed, forensic partner at RSM said: “Frauds against businesses can range from the very simple to the very sophisticated. Businesses across the region are collectively losing tens of millions of pounds through fraud every year, much of which can be prevented by simple controls.”

Nationally, the highest business losses were sustained as a result of cheque, bank card and online bank fraud, while the highest number of reports related to retail fraud.

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