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Fraud

Fraud is usually taken to mean the gaining of an illicit advantage through deception and in particular the manipulation of financial information or accounting records.

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Fraud act 2006

  • In the UK, the criminal offence of fraud has been codified by the Fraud Act 2006.

This defines the criminal offence of fraud in the UK. It includes offences of fraud by:

  • False representation;
  • Failing to disclose information;  
  • Abuse of position; and
  • A number of other offences relating to fraud.

Fraud case studies

A series of three short videos providing examples of different types of fraud that members may encounter in performing their roles.
Video: Could invoice fraud affect your business?
  • Video
  • 11 Mar 2021
Fraud is a growing threat to every type of organisation. Accountants can play an important role in helping organisations prevent and detect fraud.
Video: The financial controller who stole £20,000 from her company
  • Video
  • 23 Mar 2021
The risk of fraud committed by staff and contractors within organisations is on the rise. Much of the work carried by chartered accountants can help prevent internal fraud from happening in their organisations.
Video: The CFO who tried to trick the market
  • Video
  • 08 Apr 2021
Manipulation of a company’s financial position can be difficult to prevent when carried out by a senior staff member. Chartered accountants are well placed to help organisations assess whether controls are sufficiently robust to detect and deter fraudulent behaviour.

Fraud advisory helpline

This is an anonymous telephone service offering supportive practical advice to ICAEW members, affiliates, ICAEW students and staff in eligible firms with member firm access.

Fraud Advisory Panel

A registered charity established by ICAEW which works on the prevention of fraud through legal and procedural reform and through the provision of advice to individuals and businesses.

Fraud-related articles

Exclusive INTERNAL AUDIT COMMUNITY Economic and Corporate Crime and Transparency Act (ECCTA) 2024
  • 07 Jan 2025
  • Carrie Stephenson, Brave Within LLP
While significant attention has been focused on the UK Corporate Governance Code 2024, the emergence of ECCTA has received less focus. And yet it applies to a much broader spectrum of organisations and carries consequences that are more specific and potentially more wide reaching.
Public funds fraud cost taxpayers £81bn, NAO says
  • 04 Dec 2024
  • ICAEW Insights
The National Audit Office outlines the impact of fraud and error on public funds, how public bodies can tackle fraud and error and the NAO’s efforts to reduce the impact of fraud.
November cyber round-up
  • 28 Nov 2024
  • ICAEW Insights
This month we look at criminals’ latest techniques, the 10th birthday of Cyber Essentials, fraud risk in the utilities sector, and how an artificial intelligence grandmother has joined the fight against cybercrime.
Accountants must rally together to combat corruption
  • 25 Nov 2024
  • ICAEW Insights
ICAEW is contributing to the battle against procurement fraud and is sharing best practices to combat corruption, which costs the global economy £2trn annually. Discover how you can make a difference.

Fraud and coronavirus

Articles covering fraud of the different government support schemes, introduced to mitigate the impact of coronavirus on the economy and firms.

Bounce Back Loan data pilot examines sole trader fraud
  • 17 Jan 2024
  • ICAEW Insights
The government is setting its sights on unincorporated businesses that fraudulently took out Bounce Back Loans during the pandemic.
Lost homes, lost hope: tackling tenancy fraud
  • 10 May 2023
  • ICAEW Insights
A new Fraud Advisory Panel report finds that tackling fraud in social housing has stalled since the pandemic. Alan Bryce explains why it’s important that action ramps up.
How the government could better tackle fraud
  • 07 Feb 2022
  • ICAEW Insights
The pandemic saw a sharp rise in financial scams and online fraudulent activity targeted at government schemes and consumers, with around £290bn lost to economic crime
See more

Helpsheets

Exclusive Advising fraud victims: Recovery
  • Helpsheets and support
  • 05 Mar 2021
Technical helpsheet issued to help ICAEW practice members, to highlight to clients, some of the possible routes to redress when their client has been a victim of fraud.
Exclusive Fraud Issues for members in business
  • Helpsheets and support
  • 05 Mar 2021
Technical helpsheet issued to help ICAEW business members to navigate some of the issues that may arise if they discover fraud within their organisation.
Exclusive Fraud Issues for members in practice
  • Helpsheets and support
  • 05 Mar 2021
Technical helpsheet issued to help ICAEW practice members to navigate some of the issues that may arise if they find that they have been victims of fraud.
See all helpsheets

Reports and publications

CPD and training

Keep your knowledge up-to-date with ICAEW's risk management and fraud courses. Designed and delivered by experienced financial risk professionals, our courses address topics, such as fraud and corruption risk in businesses, cyber risk and other types of risk relevant to all levels of your organisation. All CPD courses are live virtual classrooms and can be delivered in-house.

Further resources

ICAEW Code of Ethics

ICAEW's Code of Ethics applies to all members, students, affiliates, employees of member firms and, where applicable, member firms, in all of their professional and business activities, whether remunerated or voluntary.

View the Code
Resources
Anti money-laundering helpsheets
Anti-money laundering

Guidance and other work that ICAEW has done on anti-money laundering law and practice, in the UK and internationally.

Resources
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Economic crime

In these articles and videos, we explore the latest trends and perspectives on economic crime from around the world, and look at how chartered accountants can help prevent it happening.

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