BusinessCompany NewsKPMG finds bank fraud cases at record high

KPMG finds bank fraud cases at record high

KPMG’s latest research shows bank fraud court cases reached a record high in the first half of 2008

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.

Further reading:

HSBC clerk gets nine years for e-fraud

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