Fraud reaches highest level in a decade

Levels of fraud are at their highest for a decade and have trebled in the
last year, a KPMG study has found.

The annual KPMG ‘fraud barometer’ shows that there was more than £900m worth
of fraud last year, with 222 cases reaching court compared with 174 in 2004.

Most of the fraud was committed against the government (£447m) through tax
evasion, VAT and benefits fraud, but the most dramatic increase is in fraud
against financial institutions up from £37m in 2004 to £360m last year.

One of the main trends identified in the survey was a rise in the number of
carousel fraud cases, and a continuing prevalence of ID fraud which is described
as ‘rife’.

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