Since 2003, BDO has been tracking reported fraud cases valued at over £50,000 in the UK. Each year we analyse the nature of reported fraud from a variety of open news and reporting sources. We have witnessed and studied the rise of fraud from £331 million in 2003, to over £2bn in 2017.
Our reporting explores the huge variety of reported fraud cases and looks into trends across industries and geographical location. We also look at fraudsters’ career types, motivations, physical location, and their social environments and backgrounds.
Our full FraudTrack report is released annually in February.
Some of our recent key findings have included:
- A significant reduction of whistle-blowers within organisations due to economic pressures – at times of cutbacks and unemployment, employees are likely to be more wary of reporting their suspicions
Sectors such as finance and insurance accounting for a relatively low portion of report fraud, with sectors such as construction and retail being hit the hardest
- Celebrities and sports stars being seduced into fraudulent schemes or in one case perpetrating fraud
- Total value of fraud has risen 538% to £2.11bn in the last 15 years and is up 6.5% from £1.99bn in 2016
- Volume of reported fraud increased 172% to 577, up from 212 cases in 2003
- Fraud in the financial services sector increased dramatically in 2017 with the total value rising 318% to just under £900m
Download FraudTrack 2018
To read the previous years’ report, please do get in touch.