Finance
Huge rise in fraud cases heard inMidlands courts
The value of alleged fraud cases seen in Midlands courts reached £37m in the first half of 2018, more than ten-fold compared to the same period in 2017, according to latest research by KPMG Forensic. The number of cases passing
through courts in the region almost tripled, with a significant jump to 38 in 2018, up from 13 in the first half of 2017, and average case value has risen from £214,000 to £996,000. The Midlands has also seen a
clear shift in the types of alleged fraud committed in 2018, as fraud against investors and commercial businesses declined, while fraud against financial institutions rose. In the first half of 2018,
professional criminals and people in management positions were responsible for the majority of cases, and the region also saw a rise in the number of cases committed by people over 55. Julie Bruce, forensic director at
KPMG in the Midlands, said: “Our region is well known for its financial services sector, and it’s a concern to see the value of cases against
may feel a better sense of control and trust, and while banks and lenders usually have good protocols in place to detect unusual activity, it’s clear that fraudsters are also finding ways to dupe them out of greater amounts of cash.
‘There has also been a significant increase in financial institutions falling prey to cyber- attacks’
“In recent months, there has also Julie Bruce: Fraud is rocketing
our banks, building societies and investment community increase so dramatically. “The significant rise in value in
the first half of 2018 is largely due to two individual cases of mortgage fraud committed by criminal gangs – in both cases, made up of family members. “By keeping the operation within the family network, perpetrators
been a significant increase in financial institutions falling prey to cyber-attacks, and this will no doubt see individuals and businesses in the Midlands seeking reassurance that their systems and online bank accounts are safe. “All of this combined continues
to highlight the importance of fraud prevention and should prompt management teams to remain vigilant and keep alert to the risk of fraud.”
Sector Focus
PKF doubles size in just three years
PKF Cooper Parry is celebrating a year of impressive growth after increasing its revenue by 11 per cent to £35m. It means the business has doubled in size in just over three years. The firm has also appointed nine
new partners, hired over 90 new starters, expanded into the West Midlands market and celebrated several awards wins. PKF Cooper Parry predominantly advises privately owned businesses on audit, tax, IT and corporate finance. It began the financial year with a
move into its office at Blythe Valley Business Park in Solihull. This followed the acquisition of
former Birmingham-based accountancy firm, Clement Keys. Earlier in the year, its IT solutions
business also acquired Sync Interactive, a creative agency based in the West Midlands specialising in mobile and business apps. PKF Cooper Parry’s financial planning business, Cooper Parry Wealth, had its best year to date, increasing revenue by 30 per cent. CEO Ade Cheatham said: “In a
world of rapid change, we’re still making clients happier than ever, improving more businesses than ever and we’re having fun too.”
October 2018 CHAMBERLINK 61
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