There has been a decline in the value and volume of alleged fraud cases over £100,000 heard in the courts across Wales, from 16 cases with a combined value of £7.9m in 2021 to 10 cases with a combined value of £3.7m in 2022. The decrease in value is partly attributable to only one of the cases in 2022 having a value equal to or above £1m compared to three cases in 2021.
By volume, the majority of alleged fraud cases heard in the Welsh courts continue to be perpetrated by professional criminals, with six such cases having a combined value of £1.7m in 2022.
There has been a sharp fall in alleged frauds committed by individuals in management roles, which accounted for four of the cases in 2021 but only one case in 2022. By contrast, the volume of cases allegedly involving management for the nation as a whole in 2022 (58 cases) remained relatively consistent with the volume in 2021 (66 cases).
Female perpetrators were allegedly involved in 61% of the fraud cases by value in 2022 up from 23% in 2021. This is slightly lower than the average for the UK in 2022 of 30%.
As observed for the UK overall, the general public remain the most common victims by volume of the alleged fraud cases heard in the Welsh courts in 2022, with total losses allegedly amounting to £1.3m across five cases. The number of frauds allegedly committed against commercial businesses decreased slightly from three cases in 2021 to two cases in 2022, but the value of these frauds increased almost three-fold from £396k in 2021 to £1.6m in 2022.
Steven Wadley, Forensic lead for KPMG in Wales, commented:
“Whilst the overall decline in fraud cases heard in the Welsh courts in 2022 may appear positive, individuals and organisations remain at a high risk of falling victim to fraudsters. The current cost of living crisis combined with the adverse economic outlook into 2023 contribute to an environment where fraud can and does readily occur. The decline observed in the region for 2022 may be attributable to factors such as the increasing backlog of cases waiting to be heard in the UK’s courts and the relatively low rates of prosecution for fraud offences.
“The Fraud Barometer data suggests that fraud in Wales continues to evolve with both businesses and members of the general public being impacted by fraudsters in the region. Businesses in particular should look to re-assess their current defences against fraud and, where necessary, act swiftly to protect themselves.”
