Fraud soaring in the UK, says report

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Fraud soaring in the UK, says report

Wed 30th Jul 2008

Fraud in the UK increased by 50 per cent in the first half of the year compared to the previous six months, according to a new study.

The report by accountancy firm KPMG found that up to 128 cases of fraud went to courts in the year's first half.

In the same period, fraud against banks totalled more than in any whole year for the past 20 years, at more than £350 million.

The results were found through KPMG's Fraud Barometer.

Hitesh Patel, partner at KPMG Forensic, said fraud "remains extremely prevalent in the UK", adding that professional gangs comprise over two-thirds of it through activity such as trading scams, investments stings and card fraud.

UK businesses are at risk of telephony fraud, Director of Finance Online reports.

Almost half are unaware of what it is or do not take action to protect against it, according to research by Damovo UK.

Yet 40 per cent of businesses admitted suffering financial losses over such security failings.

The study found 61 per cent of respondents in businesses with over 400 employees had lost more than £5,000 over telephony fraud.

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