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Fraud thinking

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The level of fraud in the UK jumped 30% to almost £1bn in 2005, according to the latest Fraudtrack report from accountants BDO Stoy Hayward.

Pure greed was the primary motivation in two-thirds of cases, closely followed by the need to gamble or pay off debts. And the most popular ways of committing fraud are conning the tax man and awarding business contracts to family or friends.

When it comes to stopping fraud, the report concludes that businesses do not do enough to encourage people to speak out.

However, financial adviser Martin Cunningham reckons this is not always easy. “There is an anti-snitching culture in this country that is difficult to break,” he said.

“Research shows that the rewards on offer for blowing the whistle on fraudsters are derisory and not worth the hassle.”

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