BUSINESS fraud goes under the spotlight at an event being held on Teesside later this month.
The Institute of Directors Tees Valley network event, on February 25, comes as reported fraud reached its highest level for 13 years in 2008.
More than £1.1bn of fraud came to court last year, according to the accounting firm KPMG’s Fraud Barometer, which was more than in any other year since 1995 and the second greatest in the survey’s 21-year history.
The North-east’s crown courts saw 16 cases of large scale fraud valued at £23.45m.
Sara Smith, of KPMG’s forensic practice in Newcastle, said: “As the economic downturn takes hold and organisations look increasingly closely at their operations, it is very likely that more fraud will come to light. So the real impact of the credit crunch on fraud is yet to be fully felt.
“Already, though, the signs are there - globally in the last 12 months alone at least three alleged multi-billion pound frauds have been uncovered. ”
Source: The evening Gazette, Uk
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