Fraud cases double in the East Midlands

2018 saw an increase in the number (109%) and value (306%) of fraud cases that appeared in courts across the Midlands according to the latest KPMG Fraud Barometer.

A total of 67 alleged fraud cases with a value of over £100,000 appeared in courts across the region during 2018, up from 32 cases in 2017. The total alleged value of the cases was over £54m – increasing by more than £40m on the £13m that went to court in 2017.

Alleged loan and mortgage fraud was by far the biggest value fraud type to appear in courts last year, with five cases accounting for over £30m of the total value that went to court.

Julie Bruce, forensic director at KPMG in the Midlands said: “2018 has seen a worrying rise in the number and value of alleged fraud cases coming to Court in the region. Our financial institutions in particular have come under attack from a surge in mortgage and loan fraud adding to the pressure to ensure prevention measures are more robust.

“Whilst we are used to seeing businesses and financial institutions across the region being targeted by fraudsters, the last 12 months has also witnessed large value scams being targeted at people in their own homes. Just as businesses need to be on their guard, so do individuals, particularly the elderly who are vulnerable to professional scammers.”