Posted by SEAH Hui Ting, Year 3 undergrad at the School of Accountancy, Singapore Management University
The number of fraud cases coming to trial in the UK rose 25 per cent in 2014, driven by large numbers of investment scams . A total of £717m was lost to fraud in cases that came to court during the year, of which £216m went into fake investment schemes, the biggest single category, according to a twice-yearly fraud barometer survey by KPMG, a professional service firm. This compared with £168m the previous year.Total fraud volumes were down £824m in the absence of large scale cases such as those perpetrated by rogue traders, which dominated headlines after the financial crisis and took the total to a record of more than £3.5bn in 2011.
Read more: http://www.ft.com/cms/s/0/6b5049fe-9a7b-11e4-8426-00144feabdc0.html#axzz3QYoT9FH4