Existing data suggests that fraud is the most costly crime to society, yet there has been limited academic interest on improving accurate fraud measurement, and no identifiable published research on practitioner and academic opinion on measurement methods and how this process might be improved to generate a more realistic fraud loss figure. This book presents collective opinion on the creation of a standard definition of fraud for measurement purposes, mandating fraud loss measurement drawing upon empirical evidence provided by the United States (US) Improper Payments Information Act 2002, the implementation of a consistent standard of fraud loss measurement, and the development of best practice when measuring fraud losses. The research findings have identified a complacent attitude towards fraud and associated business risks, defined as immoral phlegmatism. This publication contributes to the knowledge by offering solutions to address this phenomenon within the public, private and voluntary/charitable sectors. The study conducted is the first of its kind and the project findings have been used to develop recommendations on how to improve the accuracy of fraud loss data through the implementation of the proposed options for change; creating legislation mandating fraud loss measurement in the public and private sectors, the introduction of a British Standard for measuring of fraud, the development of a knowledge exchange infrastructure, and a marketing campaign to increase fraud awareness and associated business risks.