UK Fraud Cost Rises To £732 Million

UK Fraud Cost Rises To £732 MillionFraud can affect all levels of society, harming multimillion pound companies and small businesses alike, often with devastating consequences. With everyone a potential victim of fraudsters, it’s worrying to hear that instances of fraud are on the up in the UK.

According to KPMG’s fraud barometer – which measures frauds where £100,000 or more is lost – the total cost of UK fraud rose to £732 million in 2015 – up from £717 million in 2014.

Worryingly, KPMG found that fraudsters are increasingly targeting individuals and families, particularly those in financial distress. In fact, the firm revealed that this type of fraud had increased by 300 per cent on 2014, rising to a total value of £156 million.

So what explains this dramatic rise? In part, it’s because the internet has made it easier than ever before for fraudsters to commit crime. With most of us using the internet for everything from banking to shopping, there are far more opportunities for criminals to access our confidential information.

The best way for businesses and individuals to fight fraud is to improve their defences – showing due diligence when sharing financial information. However, no one can ever completely eliminate the chance of becoming a victim of fraud, which is why the job of forensic accountants has never been more important.

Facing an increase in fraud cases, not only must the expert team at Frenkels Forensics work harder than ever before, but they must unpick ever more complicated and often technology-based fraud.

For both claimant and defendant alike, the services of experts who know how to analyse the information and assess the full monetary values associated with the case and then put the facts forward in a court-friendly document is essential in ensuring a fair conclusion.

For expert help with a fraud investigation contact Frenkels Forensics for an independent appraisal.

Alternatively, if you’re looking for advice in any aspect of forensic accountancy, then do get in touch via Twitter, Google+, LinkedIn or by visiting our website

By Vitek Frenkel – find me via Google+.

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