Rise in fraud reveals Scotland’s financial problems

Robyn Hall

March 2, 2015

Figures compiled by BDO FraudTrack, state that while fraud in the rest of the United Kingdom has experienced a 31% decline, financial deception north of the border experienced a 67% rise over the course of 2014.

The statistics show that the sums accumulated over the last 12 months in reported cases over £50,000 has jumped by £4 million to £10,130,000, something that signals a worrying trend for a country with significant personal debt problems as it is.

From the 29 recorded cases, almost £7 million (or 68%) dealt with insurance and finance, the biggest scam involving a team of six individuals who together managed to fraud upwards of £3 million in a mortgage scam. Over half of the people involved in the cases stated that the motive for their offences was to fund greed, while a further four cited spiralling debt problems as a reason.

A spokesman for Trust Deed Scotland, expert finance and debt advisors, said: “It is clear that people are resorting to increasingly desperate measures to get themselves out of financial trouble.

“As a country we are dealing with more and more personal debt problems so on the one hand the increase in fraud cannot be viewed with too much surprise. On the other hand, however, no debt problem should warrant a foray into criminal activity – there is professional help always on hand to help people reach an amicable arrangement with their creditors, and that is a large part of what we do here at Trust Deed Scotland.

“The scale of debt across the country means that there is no longer a stigma attached to seeking help. We urge anyone who is finding themselves in serious financial difficulty to seek the support and advice that is available to them to avoid slipping into further trouble.”

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