KPMG Warns Against Rising UK Corporate Fraud Claims In 2008

Tue, 05 Feb 2008

More than £1 billion worth of fraud claims were taken to UK courts in 2007, leading to suggestions that UK corporate fraud could hit a record high this year as the economy slows down, according to accountancy giant KPMG .

The firm’s latest Forensic Fraud Barometer has revealed that Government bodies and agencies were the most popular target of organised, criminal fraud, accounting for £889 million of the £1 billion total - the highest since 1995.

Speaking to The Daily Telegraph, Hitesh Patel, Forensic partner at KPMG, said: "Organised gangs have been more active than ever, with a proliferation in VAT frauds, ID thefts and other forms of white collar crime ."

Mr Patel said that the continuing weakness of the economy was leading to more employees attempting fraud to improve their own financial problems.

He added that an increase in vigilance by companies over unusual spending patterns or trends in their accounts was helping them to help detect more cases of fraud.

The Fraud Barometer revealed London remained the centre of fraud, accounting for £655m of the £1 billion plus across Britain . The capital was followed by the Midlands with £117m of the cases, and the North West with £200m of the total.
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