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Monday, 30 January 2012
Fraud on the Up
According to the KPMG Fraud Barometer, 2011 saw a record amount of fraud committed in the UK with the figure reaching £ 3.5 billion.
A key component was the £ 1.3 billion rogue trader event at UBS.
Identity fraud accounts for just under half of all fraud cases and has increased by 10 per cent since 2010.
The report also notes an increase of 13 per cent in terms fraud involving an account or financial policy which is legitimately obtained but later used without the owner’s permission.
KPMG notes that the pressure on individuals caused by the economic downturn is a major reason for the increase in the numbers.
Readers may be interested in Risk Audit’s Fraud Prevention and Detection course which is running on 12th March.
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