£1 billion fraud 'tip of the iceberg'

7 February 2008
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07 February 2008 | Paul Snell

Companies must be more vigilant about fraud after the value of crime reached £1 billion in 2007, a 12-year high.

This is the highest annual figure since 1995, and the second highest recorded in the 20 years of the firm's measurements.

Hitesh Patel, partner at KPMG forensic, said: "Levels of fraud continue to remain disturbingly high. More fraud cases have been coming to court in recent years than previously, but one fears that this is just the tip of the iceberg."

It follows a warning by the firm that the economic downturn could lead to an increase in the amount of corporate fraud (Web news, 16 January 2008). Patel added that as companies examine their spend more closely, it was possible that more fraud would be discovered.

"Given the developing economic conditions, companies and individuals need to be more alert than ever to the fraud threat. At a company level they should bolster their routine monitoring and oversight processes."


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