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2015 at Risk of Becoming ‘Year of the Fraudster’ as Mobile Payments Increase, Says KPMG…

Submitted by on December 29, 2014 – 7:00 am |

Hitesh Patel, UK Forensic Partner at KPMGWith estimates suggesting that fraud costs the UK economy £30 billion each year* KPMG’s UK Head of Forensic predicts that 2015 will be a year in which the number and assortment of scams will go up.  He suggests mobile payments and changes to pension planning will be the root cause.

Hitesh Patel says: “From the fraudsters’ perspective 2015 is likely to be a profitable year.  Online transactions are only going to increase as mobile payments become more widespread.  An increase in the volume of faceless transactions reduces the checks and balances that organisations have come to rely on, meaning that fraudsters will find it easier to get away with falsifying details and diverting cash to their own accounts, stealing identities and selling goods or services that are sub-standard at best or don’t exist, at worst.

“And, with pension changes putting more cash in the hands of people, their readiness to invest or spend will be akin to attracting moths to a flame.  It means confidence tricksters will redouble efforts to convince people that the prospect of a high return on investment is more of a reality than a promise.

“2015 is widely expected to be the year that interest rates go up.  Combine this with other increases in the cost of living and the result will be stress on personal circumstances that becomes too much to bear for some people.  Unfortunately, rather than look for help, evidence exists to suggest that these individuals will turn to dishonest means to make ends meet.  It means that we are also likely to see more in the way of employee and management fraud and a rise in ‘get rich quick’ schemes.”

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