Fraud in Britain reaches new high, says KPMG survey
Accountants' survey finds employee fraud doubled in a year as Britons 'seek to feather their nests'
FINANCIAL pressure at home and at work has led to a big increase in opportunistic fraud, according to a survey by accountants KPMG. As the BBC reports, identity fraud hit £26.3 million last year, employee fraud doubled to £25 million while counterfeiting of goods hit a five-year high.
The survey identifies so-called 'insider fraud' at companies as a major source of losses at companies with some 80 per cent of the cases spotted by KPMG involving workers or directors.
KPMG looks at fraud cases which reach the Crown Courts and involve over £100,000. "What we are seeing is individuals looking to feather their nests through ripping off employers, banks or the government," Hitesh Patel, UK Forensic Partner at KPMG, told the BBC.
"Times may be tough, but the data shows that some people are unwilling to give up the lifestyles they've become accustomed to."
Counterfeiting cases were worth £22.9 million while Ponzi investment schemes where new money is used to pay out existing investors hit £72 million.
The research indicates that scams carried out by professional criminals actually fell - some 98 cases went through the courts in 2011 but just 79 in 2012.