UK Fraud Values More Than Doubled In 2015

UK Fraud Values More Than Doubled In 2015The value of reported fraud in the UK more than doubled in 2015 to its highest level since 2011.

The annual BDO FraudTrack report, which looks at fraud cases with values of more than £500,000 put the value of reported fraud at £1.5 billion last year. The value was up by 110 per cent year on year, with the average case reported valued at £2.9 million.

Despite the higher value of fraud last year, the actual number of cases in the report were down from 546 in 2014 to 519 in 2015.

Financial services saw the highest number of cases and the value of fraud in the sector rose from £238 million to £567 million from 2014 to 2015. The figure was due to a small number of very high-value cases.

The sector saw third-party fraud totalling £210 million, with cases ranging from fake invoices to a fraud centred on a fake business broadband installation conspiracy.

The value of mortgage fraud also increased, although the number of cases was down from 24 to 13. However, the value jumped from £57 million to £151 million due to high value cases, including a £130 million attempted mortgage fraud in the North East.

If you suspect fraud in your business, forensic accounting can help you track what is happening and discover where your money has gone, providing evidence to bring a prosecution. For expert help in forensic accounting contact Frenkels Forensics for an expert and independent appraisal.

We can help assist individuals, companies, lawyers, barristers and accountants in fraud investigations.

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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