Business fraud rose by 78% in 2018

Fraud cases increased by 78% in 2018. According to KPMG Forensic latest Fraud Barometer, the number of UK fraud cases worth more than GBP 100,000 that made it to court rose to 453 in the previous year. Their total value was esteemed for GBP 1.2 billion. With these growing statistics in mind, it looks like 2019 could be even worse.

While the research revealed one “super case” (a case greater than GBP 50 million), they also found a large number of smaller, yet no less damaging, fraud cases worth between GBP 10 million and GBP 50 million. The fraud in question covered areas such as evasion of duty, VAT fraud, investment fraud, loans and mortgages, counterfeit goods, pensions and benefits fraud.The research also revealed a rise of rogue tradesmen committing fraud. While fraudulent repairers in the past usually committed crimes mostly below the GBP 100,000 threshold, but the average value is now sharply rising

According to the research, some GBP 89 million worth of duty evasion was recorded in 2018. It was the highest value ever recorded where fraud cases relating to tobacco products doubled. Other common goods smuggled across the border included counterfeit pharmaceuticals and pirated digital media. With Brexit drawing ever near, it’s certainly a legitimate concern that this issue could get worse in the near future.

AM, Verificators
Source: KPMG Forensic

- 18 stycznia 2019 - Bez kategorii