Fraud in the UK hit its highest level in 15 years in 2017, according to a new analysis, with financial services frauds quadrupling year-on-year.

The total value of large reported frauds reached £2.11bn during the last year, according to accountants BDO.

The research found a total of 577 cases in 2017, almost triple the 212 cases reported in 2003. The average size of the frauds reported in 2017 reached £3.66m, more than double the £1.5m average in 2003, the Financial Times reported.

Simon Bushell, a partner at City law firm Signature Litigation, said commercial disputes are increasingly centred around allegations of fraud.

He said: “The results of the survey can be explained in two ways: firstly, there is a greater understanding of what amounts to fraudulent conduct; secondly, we live in a world of greater transparency, and that inevitably means a greater likelihood of scrutiny, fraud detection and response.”

Financial services crime accounted for the biggest increase year-on-year, with a total value of £899.7m in 2017, compared with £214.9m in the previous year, BDO said.

Firms’ own employees are responsible for the largest chunk of the fraud bill, at £474m, BDO said.

While the figures cover all reported frauds above £50,000 in value, the likely toll from fraud on British business is much higher. The annual fraud indicator produced by accountants Crowe Clark Whitehill estimates an annual bill of £190bn from fraud.

Frauds against private sector firms account for the lion’s share of fraud cases, at an estimated £140bn. Frauds against firms massively outweigh the £6.8bn frauds estimated to be carried out against individuals.

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