No one knows the true cost of fraud in the UK, but it’s taking place on an industrial scale and is without question one of the biggest crimes afflicting UK plc today. It is unrelenting and indiscriminate with many organisations estimated to be losing around five per cent of their annual revenue to fraud. The state infrastructure has a modest impact on fraud and means it’s largely down to industry, business and commerce to take steps to protect themselves. Inside, the prevalence, frequency and features of key losses are outlined. The strengths and weaknesses of different sectors in tackling fraud, error and loss are also highlighted. But it’s also clear there are huge variances in the size of losses and the quality of counter fraud strategies across the sectors.