Coronavirus will spur a ‘tsunami of fraud’ in the UK, warns KPMG
Live MintThe coronavirus is likely to trigger a tsunami of U.K. fraud cases when courts and law enforcement get back to full strength, accounting firm KPMG warned. “The Covid-19 environment has led to increased financial pressures on individuals and organizations leading to more opportunities to commit fraud,” Roy Waligora, KPMG’s head of investigations in the U.K., said in an emailed statement. “This is likely to lead to further risk of financial misreporting and of misconduct and fraud in traditional hot spots.” The backlog of criminal cases in England and Wales stood at 37,434 at the end of 2019 and likely has grown considerably during the outbreak, when several courts closed their doors and others scaled back operations. “We are likely to see a tsunami of Covid-19 related fraud cases.” KPMG’s analysis of fraud prosecutions in the country’s courts shows that only 76 cases were heard in the first half of 2020, down from 217 cases during the same period last year.
History of this topic
UK urged to lead fightback against the global ‘fraudemic’
The Independent
Exclusive: Financial scams have become hidden 'epidemic' as impersonation cases double in a year
The Telegraph)
UK Raises Coronavirus Alert as Infections Rise 'Exponentially', Heightened Curbs from Thursday
News 18Coronavirus | U.K. employment falls by biggest quarterly amount since 2009
The HinduDiscover Related
)
)
