Economy
In reply to the discussion: STOCK MARKET WATCH -- Monday, 30 January 2012 [View all]Ghost Dog
(16,881 posts)Financial crime reached record levels in 2011 as a widespread fraud epidemic hit British banks, the Government and investors.
The value of reported fraud rocketed to £3.5bn last year, an increase of 150pc on 2010.
According to KPMG's Fraud Barometer, the spike in the number of cases is down to heightened vigilance on the part of companies and Government agencies in uncovering the crimes, as well as an increasingly sophisticated class of fraudster.
The report, which only records crime values in excess of £100,000 that are heard in the High Courts, revealed that 41pc of all attacks were perpetrated by professional criminals. Well-organised gangs targeted the public sector, banks and investors, ahead of consumers and commercial businesses.
Fraudsters cheated the public sector on 70 occasions in 2011, stealing £1.1bn of Government money...
/... http://www.telegraph.co.uk/finance/financial-crime/9048060/Financial-crime-hits-record-levels-as-fraudsters-net-3.5bn.html