Filter news by category
Search articles by keyword
Region hit by reported fraud of more than £205m - and experts warn true total could be much higher.
The total value of reported fraud committed in the South West fell by over £28m last year, according to BDO’s 2013 Fraud Track research, but an expert warns that the true cost to the region is much higher with the majority of cases still going unreported.
The region saw the highest level of reported fraud outside London for the third consecutive year, racking up crimes worth more than £205 million in the last 12 months, according to BDO’s Fraud Track research.
The public does not believe it and ministers privately admit they do not fully understand the reasons for it – but crime is continuing to fall sharply.
The UK Statistics Authority (UKSA) has announced that the National Statistics designation is to be removed from police recorded crime data.
KPMG have said that fraudsters have reverted to low-tech methods of fraud, such as bouncing cheques, as large companies have concentrated on building high-tech fraud defences
Fraud in the Midlands has risen by almost 200 per cent in 2013 totalling £168m, according to a KPMG bi-annual report.
KPMG’s bi-annual Fraud Barometer has shown a high volume of fraud cases prosecuted in the past year but at much lower value levels than recorded in previous years – the average case value this year being £2.9m, compared to £6.1m, over the last five years.
The majority were relatively “low value” frauds, with 78% of cases recorded in the region valued at under £1m.
The sharp increase was blamed on the case of an IT manager in Leeds who committed a £19m fraud against his employers to fund a chronic gambling addiction.
Midlands Fraud Forum Ltd. Reg.No: 06436330 Copyright © March 2014