TechnologyAccounting SoftwareFraud cases almost double

Fraud cases almost double

The UK saw twice as many frauds come to trial in 2003 than in the previous year causing leading experts to conclude that fraud has never been more popular.

Link: Customs & Excise improves fraud crackdown

The KPMG Fraud Barometer revealed that there were 153 fraud cases in 2003 compared with 83 in 2002.

David Alexander, fraud investigation partner at KPMG Forensic, said: ‘The barometer shows that more frauds than ever are being committed.ÿ Companies are being attacked both internally and externally.ÿ

‘Almost 80% of frauds (by value) are committed by either organised crime or by the company’s management.ÿ

‘Many businesses do not have adequate fraud risk strategies, whistleblowing policies or internal processes to combat this threat.ÿ This is leaving them vulnerable to attack, and the fraud barometer figures clearly show that there are many people out there who will attempt to take advantage.’

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