Stat of the day: £1.4bn

The losses made by the Government after record numbers of major fraud cases last year, according to KPMG

by Elizabeth Anderson
Last Updated: 09 Oct 2013
Record levels of financial fraud cases were heard in Britain last year - with the public sector suffering even more than financial services.

Apparently, 314 'major' fraud cases involving losses of around £1.4bn were brought before the courts in 2010, according to accountancy firm KPMG. Of those cases, 42% were levelled at the public purse, totalling £571m – an increase of nearly 20% from 2009.

Fraudsters are also taking advantage of technological trends. A group of men were accused of targeting the Apple and Amazon sites with 20 songs which they then sold through the respective websites. It’s thought they used around 1,500 stolen credit cards to then buy the songs, allowing them to claim back just under £469,000 in royalties.

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