In brief
Business fraud in the UK has risen dramatically—up 42% on last year—a new survey shows. The FraudTrack research from BDO Stoy Hayward shows reported business fraud stood at £538m for the first half of 2007. It found that would-be fraudsters are being egged on by the low risk of prosecution and the lucrative rewards such crimes can bring. So far in 2007, just 23 VAT carousel frauds accounted for £468m, more than in the whole of 2006. Frauds against businesses, typically involving employees or directors abusing a position of trust, often with the help of an outsider, are also prevalent.
