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Fraud 'costs £20bn per year'

Fraud in the UK is costing £20 billion a year with an impact second only to drug trafficking, according the police.

This is based on estimates of lost revenue and stolen assets in the UK, along with the cost of investigation and intervention in cases of fraud, the BBC reports.

Equally, mortgage fraud is reaching in excess of £700 million as the potential for huge profits without significant risks attract organised crime.

This announcement comes as the City of London police begin recruiting a national fraud force to combat the problem.

It will be tasked with assisting in investigations of complex fraud and putting into place strategies for fraud prevention.

The task force will also have to tackle growing internet crime, which could rise to £5.1 billion by 2010 as predicted by retail-week.com.

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