September 1, 2018 1.37PM / By KPMG
KPMG’s Fraud Barometer data also shows that, by value, 80 percent of cases coming to court in the first half of the year involved an international element to the alleged fraud.
The largest cases in 2018 and in 2017 involved alleged fraud at multi-national organisations operating across international borders. These cases have required international co-operation between all relevant jurisdiction - UK law enforcement agencies such as the SFO working with their counterpart agencies in the US, Canada, Singapore, Hong Kong and Australia to name just a few.
“International frauds paint a complicated picture. Cases spanning several years, and sometimes decades, covering multiple jurisdictions requires close co-operation between multiple agencies. Strong working relationships across borders are required for domestic law enforcement to collate effectively the necessary evidence to prosecute fraudsters. Similarly, commercial businesses need a globally minded and co-ordinated response to fraud to help ensure they are protected from increasingly global threats.” - James Maycock, Director Forensic, KPMG in the UK
The latest fraud trends and patterns affecting the UK economy
Our latest results from the KPMG Fraud Barometer have just been published and cover the last six months from January to June 2018. The Barometer measures alleged fraud cases with losses of £100,000 or more reaching the UK courts and has been tracking fraud trends since the 1980s.
The bi-annual Barometer identifies the latest fraud trends and patterns affecting the UK economy which helps businesses remain alert to new threats and respond to any fraud risks in an appropriate and proactive manner.
The value of alleged fraud reaching UK Courts in the first half of 2018 reached £895 million. The figures follow 2017’s record breaking year which had registered £3.6 billion of alleged fraud - the largest value in KPMG’s Fraud Barometer’s 31 year history.
KPMG’s Fraud Barometer also recorded 252 cases during January–June 2018. This figure is over 25% higher than the volume of cases heard in any six month period and just seven fewer cases than recorded for the whole of 2017.
· Fraud in 2018 to date records £895 million;
· Volume of fraud cases reaches a record 252 cases in a six-month period;
· International fraud accounts for 80% of these cases by value; and
· Evasion of duty and cross-border smuggling exceeds £100m.
Downloads from KPMG