KPMG has warned mortgage fraud cases are likely to become "more visible" as the economic downturn unfolds, after the financial services and risk advisory firm reported the value of cases uncovered in 2008 rose by £32.2m from last year's figure.
The firm's latest Fraud Barometer' revealed the total sum of detected fraud cases rose during the second half of 2008, with a yearly total 25 cases worth £36m across the whole year, compared to just 10 cases worth £3.7m in 2007. With property values continuing to drop and lending markets remaining highly constrained, KPMG said fraudulent behaviour conducted during the boom years would continue to emerge over the coming year. The firm warned that the worst is yet to come, with the bulk of the fraud committed since the credit crunch began in August 2007 most likely not yet coming into the p...
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