Technology fuels rise in fraud

News Article - 24 May 2012
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Advances in technology are becoming instrumental in the rise of fraudulent activities, it has been claimed.

According to auditor KPMG, fraud levels have reached a record high, amounting to £594 million in value over the first half of this year – more than treble the figure from the previous six months, the Telegraph reports.

Hitesh Patel, director of KPMG forensics, stated that the value of fraudulent activities was increasing as the number of techniques employed by fraudsters rises.

"Globalisation and technological advances are also fuelling the value and number of transactions - the internet is involved in virtually every instance of fraud nowadays," he added.

With most incidences of fraud not being constrained to a national level, it is likely that governments across Europe will work more closely together, Mr Patel stated.

Meanwhile, recent first quarter figures from fraud prevention service CIFAS have highlighted that incidences of fraud are rising in comparison with the same period in 2006.

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