|Fraud figures show massive increase in Tax evasion|
Accountancy firm BDO has released figures that show the value of reported fraud in cases of over £50.000 in the UK during 2011 reached £2.095billion. This figure shows an increase of 50% on the figure for 2010 and is their highest recorded figure so far. In 2011 the number of reported cases reached 413 with an average of £5million against the 2010 figures which showed that with the 372 cases reported, the average was £3.7million.
The head of fraud at BDO, Simon Bevan, said: “Financial services institutions have invested heavily in systems and technologies to prevent and track fraud, so the fact that reported fraud in this sector has decreased as a percentage of overall fraud suggests this approach is working.”
Their figures also lay bare the amount of fraud committed in the retail sector which accounted for 12% of all fraud during 2011 against 2010’s figure of 2%.
The highest levels of fraud where committed through Tax evasion at 36%. Corruption cases are increasing from 1% in 2009 to 4% in 2011 with management fraud showing a decrease for the first time in four years.