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Internet fraud at record levels

Date: July 30, 2007
Source: telegraph.co.uk


Fraud is running at record levels, according to a study by business services firm KPMG.

The value of frauds in the first half of 2007 totalled 594m, more than three times the figure for the previous six months. The figures also reveal an upward trend in the number of cases coming to the courts, with around 261 cases recorded in the last year compared with 143 in 2003.

"The value of fraudulent transactions is increasing as are the number of techniques used by fraudsters," said Hitesh Patel, director of KPMG forensics. "Soft fraud is having a major impact and there's also more fraud being recorded as the authorities have become more sophisticated in detecting it.

"Globalisation and technological advances are also fuelling the value and number of transactions - the internet is involved in virtually every instance of fraud nowadays," he added.
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