Buyers urged to be vigilant after fraud cases double

5 February 2004
More legal news

05 February 2004

Purchasers have been urged to protect the reputation of their businesses after the number of corporate fraud cases doubled last year.

There were 153 cases of corporate fraud in the UK in 2003, the highest figure in the 14-year history of KPMG Forensic's twice-yearly Fraud Barometer.

The rise occurred despite the total value of fraud cases dropping from £716 million to £374 million year-on-year, more than £8 million of which was from within the supply chain.

However, David Alexander, a fraud investigation partner at KPMG Forensic, said purchasers should take no comfort from the increasingly smaller-scale nature of corporate fraud.

"The more instances of fraud on any level, the harder it is to manage and the worse the perceptions of a business customers and suppliers get," he said.

The research looked at fraud cases of more than £100,000.


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