Such activity cost £266 million: nearly a third more than the prior year.
While the greatest burden (by value and number of cases) of fraud has been borne by Government agencies, the private sector is undoubtedly under intense attack. In fact, the average case value of private sector fraud has jumped from £2.5 million in January–June 2010 to £4.2 million for the same period this year.
Hitesh Patel, UK forensic partner at KPMG, said: “The evolution of e-commerce, as well as increased reliance on automated payment systems and the ability of professional criminals to stay one step ahead, has swollen overall UK fraud figures.'
He added: “Fraud levelled at UK businesses tears at the very fabric of the economy. Although it's just as prevalent in larger organisations, the small and medium-sized companies are more likely to suffer dire consequences as a result. For SMEs, fraud can often lead to significant cash flow problems resulting in redundancies and, at worst, a fight for survival.'"
Via Security industry news & information
