Fraud Cases Fall in the Midlands, UK

Fraud capital shifts from the Midlands to London and North West
Birmingham Post.net - John Cranage
July 3, 2008

It is reported that rising crime has now shifted from the Midlands, which used to be the UK's fraud capital, to London and the North West. The report states that the region's 98% drop in reported fraud has gone against the UK's national rising crime trend.
According to a research company in the UK, fraud figures have hit an all time high. The report shows that in the last six months fraud has cost UK businesses over £705 million, a rise of 74% over the same period last year. Fraud was reported at £317 million in April of this year, with no sign of a slow down. Insurance and finance are the worst hit with a reported £636 million of fraud, a 15 times increase over last year.
Employees are seen to be the biggest threat. The report says that 46% of cases is management fraud with 32% being third party fraud, costing businesses £540 million. In the first half of 2008 this amounts to 77% of all reported fraud. The problem could be much bigger however, as these figures only show reported fraud.
The report goes on to say that as economic conditions deteriorate the problem will only get worse putting pressure on businesses to tighten their anti-fraud procedures