Fraud levels 'depend on economy'

06/01/2010 Fraud levels 'depend on economy'

A rise in the number of business malpractices may not be as bad for those in risk jobs than has been suggested, one expert has said.

Neil Munroe, external affairs director at Equifax, was commenting on a statement from Big Four accountancy firm KPMG, which claimed that fraud cases would continue to rise in 2010 as directors desperately try to grow their top line.

While Mr Munroe agreed that times will be tough for the first six months of 2010, an eventual climb out of the recession will mean that suppliers and customers will begin to regain each others' trust.

"I would suggest it could get as bad as last year, but then it depends on whether we get into a double-dip recession," he remarked, adding that firms should ensure they do not "take [their] eyes off the ball" with regards to fraud.

The recent Global Economic Crime Survey, released by risk jobs provider PricewaterhouseCoopers, showed that accounting fraud is the fastest growing economic crime experienced by organisations in the UK and around the world.

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