BusinessCorporate FinanceUK corporate fraud likely to hit record high in 2008

UK corporate fraud likely to hit record high in 2008

KPMG warns UK corporate fraud could hit a record high this year as the economy grinds to a halt

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

Corporate fraud levels at new high

Read
story in The Daily Telegraph

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