Over 15 years after 2003, Britain has witnessed a tremendous rise in fraudulent activities in billions, most of which came from the financial services sectors account for about 900 million pounds in 2017. For two consecutive years, the UK recorded a sharp rise in fraud in 2016 to reach £2 billion. The BDO annual Track report in January 2019 shows that the total value of fraud in the UK was more than halved in 2018. Although the value of fraud dropped from £2.1 billion to £746.3 million in 2018, the number of fraud cases still remains on the high.
The KPMG’s Barometer has shown that fraud in the UK exceeded the £1 billion barrier. There were certain differences in the analyses of both BDO and KMPG, KMPG ruled out that the fraud cases were less than £100,000, however, both data indicated a decline last year. According to KPMG methodology, fraud cases dropped from 453 in 2018 to 369 in 2019 but combining cyber-crime, and conventional frauds raised the number above last year. Alleged fraud cases against the public rose to £63.8 million in 2019 from £40 million in 2018, and Trading standards revealed over 850 customer complaints. The increase in the UK fraud resulted from the massive rise in fraudulent activities in Scotland and the Midlands. In contrast, other regions witnessed a significant decrease with South West having the highest.
