business

Fraud Prosecutions Topped $1 Billion in 2015, KPMG Report Says

  • Private sector lost $475 million to investment scams in U.K.
  • Men aged 45 and over committed majority of fraud in 2015

The total value of fraud cases that reached U.K. courts was more than 732 million pounds ($1.04 billion) in 2015, up 15 million pounds from the previous year, with society’s most poor and vulnerable persistently targeted by criminals, according to a report published Tuesday.

The average value of fraud per lawsuit was 2.4 million pounds, a slight increase on 2014’s average of 2 million, professional services firm KPMG said in its Fraud Barometer report, which looks at fraud cases with losses of 100,000 pounds or more that make it into U.K. courts.

“These fraudsters are often respected individuals in a position of trust, who have the opportunity and means to commit the fraud, making it hard for companies to easily detect the same," Hitesh Patel, a KPMG U.K. forensic partner, said in a statement.

Men were responsible for 85 percent of all fraud losses in 2015, with the majority perpetrated by males over the age of 45, the report said.

    Before it's here, it's on the Bloomberg Terminal. LEARN MORE