KPMG’s latest research shows fraud cases against the financial services sector totalling £350m came to court during the six months ended June – the highest figure recorded by the group's fraud barometer in its 20-year history.

The total dwarfed the previous record figure of £200m, which covered all of 1998. KPMG warned the figure was likely to get worse as the full impact of the credit crunch took its toll, according to The Press Association.

KPMG said the record sum was fuelled in part by two big cases, namely an alleged £220m attempt to hack into Sumitomo Matsui Banking Corporation's systems, and a £70m attempted fraud within HSBC's securities services division.

Overall, there were 128 different fraud cases against all sectors totalling more than £631m going through the courts during the first six months of the year, a substantial increase on the 91 cases worth £421m during the previous six-month period.

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