I was taking part in a pub quiz the other day when the following question came up:
“What’s the most common illegal practice in the UK today?”
All the teams bar one wrote down fraud (incidentally, the correct answer was speeding). But it goes to show that fraud is considered one of the most frequently committed illegal activities.
According to GAAPweb news, KPMG’s Fraud Barometer reported that the number of serious fraud cases coming to court in the UK hitting a record 21-year high over the first six months of 2009. The total value of these cases was £363 million.
With no immediate sign of economic recovery, more and more people are being driven to varying types of fraud – identity, credit card, benefit, insurance, cash machine, investment, pyramid and Ponzi schemes – the list goes on. It seems that for some, the necessity to pay the bills is greater than the need to abide by the law.
But with fraud costing the economy and individuals so much, it’s safe to say that the general public regard fraud with disdain (Bernard Madoff, anyone?).
Business, professional and personal ethics are extremely important in difficult times. In fact, the Chartered Institute of Management Accountants (CIMA) advocate ethical integrity and encourage it as part of Continuing Professional Development (CPD).
Thankfully, finding a legitimate job during the recession is still the most popular way of making ends meet.
Comments