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7 August 2014 | Will Green
Fraud cases with a total value of £317 million were recorded in the UK in the first half of 2014, according to KPMG’s Fraud Barometer.
The figure represents a drop of 39 per cent compared to the same period last year, though the number of frauds has remained constant.
KPMG said its analysis revealed a “changing of the guard” as the profile of fraudsters changed from senior executives to younger employees "funding extravagant lifestyles".
Frauds committed by those aged 26 to 35 totalled £62 million, up 285 per cent on 2013, while wrongdoing carried out by those over 46 fell 72 per cent to £88 million.
The figures show the average value of each fraud case in the first six months of 2014 was £2 million, down 43 per cent on the 2013 figure of £3.5 million.
Hitesh Patel, UK forensic partner at KPMG, said: “Where once it was the jaded executive who relied on unquestioned seniority and authority to get away with dipping their hands in the till, it seems we are witnessing a changing of the guard. It is important for UK organisations to recognise that youth doesn’t always equal innocence, as a confident and tech savvy generation comes through, adept at circumnavigating conventional controls and staying under the radar.”