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30 Jun 2008
Fraud cost to UK businesses soared by 74% in the last six months on the same period last year, to more than £705m as the credit crunch took its toll, according to a BDO Stoy Hayward report released today.
Finance and insurance sectors were worst hit, reporting fraud worth £636m – more than 90% of total reported fraud and up 15-fold on the first six months of 2007, the Financial Times reports.
The biggest threat to business came from internally and management fraud accounts for 46% of the total but the problem could get bigger still, the report warned.
‘What is really scary is that these figures don't even include losses that may have been incurred by rogue traders,’ Simon Bevan, BDO Stoy Hayward head of fraud services said. ‘When you add in the fraud that's not yet been uncovered, or which businesses have discovered but don't wish to expose, the real cost to UK industry could be much, much higher.’
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Briefings
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Visitor comments Add your comment
KEY and PIN system will deter virtually all fraud crimes
These details show that virtually all fraud crimes are preventable if banks make signature and PIN systems reliable as proposed.
Fraud crimes will continue to grow until the government and banks exploit KEY and PIN system described on website www.xwave.co.uk which will make signature and PIN systems reliable to deter fraudsters from getting tempted to misuse our stolen personal and card details.
Key and PIN system will deter virtually all types of fraud crimes including those Chip and PIN, data protection and biometric ID card systems will fail to deter.
KEY and PIN system could be treated like international ID card since it will personalise signature and PIN to the right individual in any country in the world.
We hope that the banks and government will exploit proposed system before it is too late to stop a fraud boom.
Posted by: Roger, 30 Jun 2008 | 00:00