Reporting of fraud collapses

Reported fraud plummeted between the end of 2011 and May this year, according to accountancy firm BDO. While £920m was reported during the same period last year, just £424m was reported this year, driven largely by a 55 per cent fall in the average value of a fraudulent case. BDO suggests that firms are underreporting due to fears of the damage fraud cases will do to their reputation. “This really is a dramatic fall,” said Simon Bevan, head of fraud at BDO.