"Fraud has been running at historically high levels in the UK over the last few years and this is set to continue. Initial assessments of 2009 for KPMG's Fraud Barometer, due to be published in the next few weeks, indicate that fraud ran at record or near-record levels during the year."Fraud has a 'long tail' in that it can take several years after a fraud has been committed for it to be detected, investigated and brought to court (if at all). Therefore, the full impact of the credit crunch on fraud is yet to be seen and the figures we see now show only part of the picture.
"As companies look to increase top-line growth and reduce operational costs in the current stressed economic environment, supply chain and accounting related frauds are likely to be an issue in 2010. The drive to secure new business means that bribery and corruption offences by employees may become an issue for companies - this is an area of focus for the authorities and the draft Bribery Bill, under which companies can potentially be prosecuted for negligent failure to prevent bribery and corruption, is expected to come into force in the UK before the end of the year.
See full Press Release.
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