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Fraud Accounted for Record £3.5 Billion Loss in 2011

More than APS3.5 billion worth of fraud was recorded in 2011, a record year, as a result of the continuing poor economic conditions, a study has revealed. KPMG’s Fraud Barometer showed that APS2.5 billion worth of fraud was recorded in the second half of the year alone. Hitesh Patel, KPMG forensic partner, said, “2011 was an extraordinary year for fraudsters — as demonstrated by the record losses through large-scale cases of fraud which dominated the headlines. The economic uncertainty has been the double edged sword behind these numbers.” The public sector suffered more than APS1 billion worth of fraud, although the financial sector was the main target, with 59 cases recording a total of APS1.5 billion. The report also found that fraud by management accounted for the majority of cases with a value of APS729 million.

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