Mortgage fraud levels soared to £36 million
Mortgage fraud rose to a 13-year high of £36 million last year, approximately 10 times higher than the recorded £3.7 million in 2007.
According to KPMG’s forensic fraud barometer, more than £1.1 billion worth of cases were heard at UK courts last year recording the second highest level of fraud in the survey’s 21 year history.
However KPMG warned that most fraud committed since the credit crunch has not yet come to court and the trend of increasing mortgage fraud is likely to get worse with the global economic downturn.
The forensic investigation unit of KPMG stated that crime by professional gangs remained at the “extremely high” levels seen in previous years, while fraud by company managers, employees and customers trebled to £300 million last year.
Additionally a fivefold increase in company fraud from £24 million in 2007 to £125 million last year was visible.
