BusinessCompany NewsCriminal fraud cases on the rise

Criminal fraud cases on the rise

More criminal fraud cases were reported in the first half of 2004 than in the whole of 2003.

Link: Fraud costing UK businesses £40bn

A study of British fraud cases by accountants BDO Stoy Hayward found that £435m of fraud was reported in the first six months of this year, compared with just over £330m for the whole of 2003.

However, the number of cases has remained consistent, with London and the South East remaining a fraud hotspot. The North East saw a big increase in the value of frauds reported, although this was attributed to one case in which the value of the fraud was £100m.

Interestingly, the number of female frauds has risen.

‘The vast majority of fraudsters are still men (82% in first half of 2004, and a similar proportion in 2003), but the statistics show that women did take a step towards equality in this disreputable area by committing more high-value frauds,’ said Andrew Durant, specialist fraud investigator at BDO Stoy Hayward.

‘For example, in 2003 no women were convicted of frauds costing over £4m. However, in the first half of 2004 several frauds over £5m were committed by women (including a couple over £20m).’

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