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Fraud Losses Reach Record £1Bn In U K


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http://www.bbc.co.uk/news/business-10682850

19 July 2010 Last updated at 11:30

Fraud losses reach record £1bn in UK

Fraud doesn't necessarily go up in a downturn but more effort is spent on uncovering it

One of the world's largest accountancy firms says fraud has hit a record of £1bn in the first six months of the year.

The findings come from accountancy firm BDO, which has been monitoring fraud levels for the past seven years.

The main types of financial crimes, says BDO, include mortgage fraud, under-reporting of revenue and VAT avoidance.

Mortgage fraud now accounts for 20% of all reported cases.

And of course not forgetting the kingpins of fraud in this country: the Banksters.

IMO, there is more scams and corruption among businesses in this country than ever. Even the Revenue are at it charging to call them with their 0854 rip-off lines. Contracts that are indecipherable when you get a mobile phone or sign up for internet.

We live in a rip-off society and it needs cleaning up or we will become just another banana republic with our streets full of blaggards and cutpurses.

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http://www.bbc.co.uk...siness-10682850

19 July 2010 Last updated at 11:30

Fraud losses reach record £1bn in UK

Fraud doesn't necessarily go up in a downturn but more effort is spent on uncovering it

One of the world's largest accountancy firms says fraud has hit a record of £1bn in the first six months of the year.

The findings come from accountancy firm BDO, which has been monitoring fraud levels for the past seven years.

The main types of financial crimes, says BDO, include mortgage fraud, under-reporting of revenue and VAT avoidance.

Mortgage fraud now accounts for 20% of all reported cases.

And of course not forgetting the kingpins of fraud in this country: the Banksters.

IMO, there is more scams and corruption among businesses in this country than ever. Even the Revenue are at it charging to call them with their 0854 rip-off lines. Contracts that are indecipherable when you get a mobile phone or sign up for internet.

We live in a rip-off society and it needs cleaning up or we will become just another banana republic with our streets full of blaggards and cutpurses.

ONLY a £Billion?

How many £Trillion do these "repectable" City "accounting" firms help Wealthy clients hide away in tax avoidance schemes, setting up specialised ltd companies off-shore?

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http://www.bbc.co.uk/news/business-10682850

19 July 2010 Last updated at 11:30

Fraud losses reach record £1bn in UK

Fraud doesn't necessarily go up in a downturn but more effort is spent on uncovering it

One of the world's largest accountancy firms says fraud has hit a record of £1bn in the first six months of the year.

The findings come from accountancy firm BDO, which has been monitoring fraud levels for the past seven years.

The main types of financial crimes, says BDO, include mortgage fraud, under-reporting of revenue and VAT avoidance.

Mortgage fraud now accounts for 20% of all reported cases.

And of course not forgetting the kingpins of fraud in this country: the Banksters.

IMO, there is more scams and corruption among businesses in this country than ever. Even the Revenue are at it charging to call them with their 0854 rip-off lines. Contracts that are indecipherable when you get a mobile phone or sign up for internet.

We live in a rip-off society and it needs cleaning up or we will become just another banana republic with our streets full of blaggards and cutpurses.

Thanks for that RB. I've learnt something new today. Great word.

Edited by Minos
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http://www.bbc.co.uk/news/business-10682850

19 July 2010 Last updated at 11:30

Fraud losses reach record £1bn in UK

Fraud doesn't necessarily go up in a downturn but more effort is spent on uncovering it

One of the world's largest accountancy firms says fraud has hit a record of £1bn in the first six months of the year.

The findings come from accountancy firm BDO, which has been monitoring fraud levels for the past seven years.

The main types of financial crimes, says BDO, include mortgage fraud, under-reporting of revenue and VAT avoidance.

Mortgage fraud now accounts for 20% of all reported cases.

And of course not forgetting the kingpins of fraud in this country: the Banksters.

IMO, there is more scams and corruption among businesses in this country than ever. Even the Revenue are at it charging to call them with their 0854 rip-off lines. Contracts that are indecipherable when you get a mobile phone or sign up for internet.

We live in a rip-off society and it needs cleaning up or we will become just another banana republic with our streets full of blaggards and cutpurses.

..the fraud is discovered 'as the tide goes out' the old adage points out ...and adds 'those swimming without their trunks' are discovered .... :rolleyes:

Edited by South Lorne
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Thanks for that RB. I've learnt something new today. Great word.

http://en.wikipedia.org/wiki/Mary_Frith

The name Moll Cutpurse was a pun: Moll, apart from being a nickname for Mary, was a common name for a young woman — usually of disreputable character. Cutpurse denoted her reputation as a thief who would cut purses to steal the contents.

Indeed. It has a nice Dickensian ring to it although it seems to originate in the 17th Century.

IMO, it describes the disgraceful state of our nation where more and more are resorting to crime. Brown created a nightmare and a new ethos where you can get rich without recourse to moral standards. Unless this country pulls out of this moral downward spiral I fear we will be relegated to second class status and nothing more than a banana republic.

"Bankster" should soon find itself into Wiki and mainstream dictionaries (as fingers wildly google "bankster").

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