Fraud in the News

By Emily Primeaux

Generation gap changes fraud's landscape

According to an analysis of cases in the British Crown Courts since the start of 2014, frauds committed by those age 26 to 35 have increased by 285 percent in Yorkshire, England. The amount taken via fraud in the first half of 2014 compared with 2013 rose from £4.9 million to £15 million — the largest increase of any British region.

According to a July 29 article from The Star, Fraud cases triple as young try it on, the latest cases suggest companies "have failed to spot a 'changing of the guard' as the profile shifts from rogue senior executives to young people fuelling extravagant lifestyles."

According to KPMG, cases with total losses of £317 million were recorded nationally in the first half of 2014 — a 39 percent drop compared to the same period last year. "The escalation of fraud across Yorkshire, which bucks the national trend, is worrying," said Vivien Osborne, forensic director at KPMG in Yorkshire. "Young fraudsters are becoming more brazen in abusing their positions of power or trust to fund often luxury lifestyles."

Osborne said that organizations should recognize that youth doesn't always equal innocence, especially when they're adept with new technologies.


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