Unprecedented Levels of Mortgage Fraud Revealed by BDO

Currently there is a dramatic increase in mortgage fraud as the economic problems of the UK are still unresolved.

Mortgage fraud constituted the fifth of all reported fraud in the whole country during the first half of 2010, and more than a third (about 36%) of all fraud fell upon the finance sector.

Advisory experts from BDO claim that the increase in the number of fraud cases in the UK is highly unlikely to slow down.

Last year mortgage fraud made up only 18% of all reported fraud, while 27% of all fraud fell upon the finance sector.

For the first half of 2010 total fraud losses amounted to £1.06bn, which is a significant increase compared to the previous half year.

Surprisingly, this is the first time fraud losses have overcome the £billion limit during the half year period for the last seven years.

Furthermore, it has been estimated that the average value of a single fraud is nearly £6m, whereas in 2009 it was about £5m, which indicates that fraud in the UK is something to be counted with.

Based on the recent results, BDO projects that the average fraud will exceed the mark of £7m by the end of the current year.
 


Articles

The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.