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04 Feb 2008
The latest KPMG Forensic Fraud Barometer reveals more than £1bn in fraud claims reached the UK courts in 2007 – the highest since 1995. Government bodies and agencies were the most popular target of organised, criminal fraud, accounting for £889m of the total.
‘Organised gangs have been more active than ever, with a proliferation in VAT frauds, ID thefts and other forms of white collar crime,’ Hitesh Patel, a KPMG Forensic partner, told The Daily Telegraph.
Mr Patel said that, as the economy weakened, more employees might attempt fraud to improve their own financial problems. Increased vigilance by companies over unusual spending patterns or trends in their accounts was also likely to help detect more cases of fraud.
London kept its position from last year as the centre of fraud, accounting for £655m of the £1bn plus in fraud; followed by the Midlands at £117m of the cases; and the North West, £200m of the total.
Further reading:
Credit crunch could lead to fraud bonanza
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
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