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Record fraud volumes in first half of 2018

by LLB Reporter
17th Aug 18 7:07 am
The value of alleged fraud reaching UK Courts in the first half of 2018 reached £895 million according to latest research by KPMG Forensic.  The figures follow 2017’s record breaking year which had registered £3.6 billion of fraud – the largest value in KPMG’s Fraud Barometer’s 31 year history.
 KPMG’s Fraud Barometer, which measures cases of alleged fraud with losses of £100,000 or more reaching the UK courts, recorded 252 cases during January – June 2018.  This figure is over 25% higher than the volume of cases heard in any six month period and just seven fewer cases than recorded for the whole of 2017.
KPMG’s Fraud Barometer has been tracking fraud trends since the 1980s and analysis of cases has continually identified trends in the types of fraud that have dominated courts.
 Commenting on the figures, James Maycock, Forensic Director at KPMG said: “On the back of a year with the highest level of alleged fraud in three decades, 2018 appears to be continuing the trend and we can expect this year to be another 12 months of large numbers of fraud cases coming to court.”
“There are certain types of fraud that have dominated the fraud landscape over the past three decades, including the rise of the professionally organised gang who run criminal operations very much like a business. The main victims have been governments through attacks on the tax system, banks through loans and mortgages obtained via deception, and investors enticed by the promise of tantalising returns. Interwoven with the story is the increasing use of technology and cross-border activity that has impacted on fraud just as it has on our everyday lives. Businesses, public sector and consumers need to continue to be vigilant and on guard to fraud threats in these ever-changing environments.”

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