02 February 2022
Pyramid or ponzi schemes are on the rise amid an overall 42% jump in reported financial investment fraud, according to Office of National Statistics figures, published last week
In the year to September 2021, there was a 59% increase in the schemes, and a 57% increase in share or bond sale scams.
Overall, reported fraud rose 20%. Reports of denial of service attacks increased 28%, while fraud involving government grants surged by 73% and insurance fraud increased by 73%.
The figures, released last week, showed a 20% rise in reported fraud overall.
Kingsley Napley partner Mary Young said: ‘Companies need to be vigilant and robust in dealing with instances of fraud in order to minimise financial losses. A regular audit of internal processes can highlight gaps in systems which might be exploited.’
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