UK businesses have lost over £1.9bn to fraud – regions most affected revealed
Data has revealed that UK businesses have lost around £1.9bn combined due to fraud. With this in mind, new research has revealed the UK regions that have recorded the highest loss in money per fraud case.
The experts at Utility Bidder have looked at the UK’s ‘Business Fraud Hotspots’, taking into consideration the regions with the highest number of fraud reports and the regions with the highest losses per fraud case.
You can review the research here: https://www.utilitybidder.co.uk/blog/business-fraud-hotspots/
Top 10 UK regions with the highest loss in money per fraud case
| Rank | Region | Businesses | Business Fraud Reports | Reported Losses | Reported Losses per 100,000 People | Average Loss per Case |
| 1 | London | 536,065 | 8,918 | £1.4bn | £261.16m | £156,986 |
| 2 | South East | 412,650 | 2,982 | £201.4m | £48.81m | £67,539 |
| 3 | East of England | 272,695 | 3,406 | £113.3m | £41.55m | £33,265 |
| 4 | West Midlands | 221,510 | 2,033 | £50.3m | £22.71m | £24,742 |
| 5 | North East | 73,270 | 656 | £10.4m | £14.19m | £15,854 |
| 6 | East Midlands | 189,035 | 1,722 | £26.8m | £14.18m | £15,563 |
| 7 | South West | 238,345 | 1,794 | £24.2m | £10.15m | £13,489 |
| 8 | North West | 271,160 | 4,023 | £50.0m | £18.44m | £12,429 |
| 9 | Yorkshire & Humber | 193,310 | 2,091 | £23.2m | £12.00m | £11,095 |
| 10 | Northern Ireland | 77,950 | 307 | £2.8m | £3.59m | £9,121 |
The research and findings have revealed:
- London has been revealed to be the most affected by money loss, with an average of £156,986 per fraud case. With over 530,000 businesses in London, the area is full of opportunities for fraudsters to exploit.
- With 604 fraud reports per 100,000 people, it is the East of England which ranks as the UK region with the highest number of fraud reports.
- People in London are losing out on the most money, with an average loss of £8,865 per fraud case. London businesses involved in fraud cases have also lost out on the most, with those businesses losing £156,986 on average per case.
