What Goes Up When Times Are Hard? Fraud

Posted: 21st January 2011

Passport StampsAccountants KPMG have reported that the level of fraud in 2010 was up by nearly a fifth in 2010, with 314 incidents worth nearly £1.4 billion reported.

The biggest sources of fraud are those committed by professional criminals, although these fell slightly in 2010.
For businesses, the biggest danger is the ‘trusted employee’. The 61 cases brought in 2010 included one fraud of more than £200 million in which the money was siphoned abroad. The other 60 commercial frauds averaged £3.65 million each.
More than 40 per cent of frauds (totalling more than £570 million) were committed against public bodies. The biggest single fraud of this type was for more than £100 million.
We can advise you on the minimisation of your legal risks in many areas.