Yorkshire sees fraud rise to more than £50m in 2018

The value of fraud in Yorkshire has risen by 51.2% from £34.3m in 2017 to £52m in 2018, according to research carried out as part of BDO LLP’s annual FraudTrack report.

BDO, the accountant and business advisory firm, discovered that third party fraud in the region grew by 315.6% in 2018 to £30.9m, despite overall number of cases reported in Yorkshire remaining flat year-on-year at 40 cases.

One of the most notable cases involved a £10m money laundering scam through the fraudulent resale of tickets for gigs and events.

The total value of fraud in the UK, however, more than halved in 2018. Following a record 15-year high in 2017, reported fraud fell from £2.1bn to £746.3m.

Adam Smith, director at BDO, said: “Yorkshire was the second most defrauded region by value in 2018, accounting for 7% of the total value of reported fraud in the UK. This is all the more alarming when our experience suggests that as few as one in 50 cases of fraud in the UK are likely to be reported so the figures only shine a spotlight on the visible part of a much wider problem.

“In today’s world businesses need to be more proactive rather than reactive to ensure fraudsters are not constantly ahead of the game. While technology makes it easier for fraudsters, it also makes it easier to detect fraud. Companies and individuals alike need to embrace technology and put protocols and systems in place to protect themselves from becoming victims of fraud.”

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